New Delhi, Sept 28 (KNN) The difference between perception of something as a challenge or an opportunity is the difference between inertia and initiative; status quo and progress, said Prime Minister Narendra Modi while addressing the Start-up Event at San Jose, California on Sunday. 

Start Ups have always been the engine of progress, he said adding the mega corporations of today were Start-up of yesterday. 

What is different now is that the digital age has created a fertile new environment for Startups, Modi said. 

This is a world in which you don't grow by extracting resources, but by spreading an idea. More than the creator, it is the consumer, who discovers applications. Today, the Start-ups defy the natural rates of growth. An idea can become a global name within a year. Customers can multiply at the rate of millions, employees at the rate of thousands and valuation at the rate of billions, noted Modi. 

PM said India is a nation of 800 million youth below the age of 35 years. They are eager for change; have the energy and drive to pursue it; and, the confidence to achieve it. 

“When each of the five hundred odd towns produces ten Start-ups and each of our six hundred thousand villages produce six small businesses, on a regular basis, we will create an enormous economic momentum and generate a huge number of jobs in our country,” said Modi. 

India’s own ecosystem of start-ups is evolving rapidly. It is driven by the energy, enterprise and innovation of our youth. 

We have a huge market with rapid growth and untapped opportunities in every sector. We now have the institutions, incentives and interest for new ventures. We have incubators, accelerators and investors willing to back an idea and assume risks, PM mentioned. 

India has woken up to the potential of Start-up Ventures with great enthusiasm and energy. In the past few years, they have grown exponentially, he said. 

The scale of India's development needs is huge. And, the need to achieve it is urgent, said Modi adding that, “We cannot simply continue on the traditional paths to development”. 

The vision behind Digital India is to use technology to transform governance, empower our citizens, eliminate barriers to opportunities, deepen social change, impart scale and speed to development, improve delivery of services, design affordable products for the poor, customize services for specific groups, and build a more sustainable future for our planet, Modi emphasized. 

He said start-ups will have an important role in achieving the vision. “From creating infrastructure to providing services, from manufacture of products to human resource development, from supporting governments to enabling citizens and promoting digital literacy, Digital India is a vast cyber world of opportunities for you,” he said. 

Modi said, “…as we thought of Start-ups, it was natural to choose Silicon Valley for our first overseas event.”

For, India and the United States have a natural partnership of innovation and technology that has shaped the knowledge economy. 

I am honoured to launch the BHARAT Fund today – which stands not just for India, but also for Better Health, Agriculture, Renewable and Technologies, he said. 

Modi also hailed Qualcomm’s announcement of the fund of USD 150 million for Start-ups in India. (KNN Bureau)