10,000 start-ups built in last 6 months, says Modi in speech praising IITs

India has more than 75 unicorns, he says in speech crediting premier colleges for role in innovation.

About 10,000 start-ups came up in the last six months to mark the country’s capabilities in technology and innovation, said Prime Minister Narendra Modi on Tuesday as he praised the Indian Institutes of Technology (IIT).

Modi was addressing the 54th convocation of IIT Kanpur when he said that India was the world’s second largest start-up hub and third largest for unicorns—an achievement he credited IIT students for.

“India accounts for more than 75 unicorns, while start-ups number almost 50,000. In fact, about 10,000 start-ups have come up in the last six months,” he said while listing steps taken by his government to promote entrepreneurship.

“There is a lot of debate about globalisation today. Indian companies and products have the opportunity to make a mark globally. I am confident of your capabilities and want to assure that the government will stand with you,” he said to graduating students of IIT Kanpur.

“In the first 25 years post-independence, India could not achieve what it should have. Thereafter, we lost valuable time and two generations. Now, we are left with no more time to waste. I may sound impatient but I wish you (students) also feel impatient to realise our dreams.”

Noting that 21st century was technology driven, he said technology was pervading every sector. “IITs have functioned as technology incubation centres. You have been equipped with the wherewith to contribute to the technology field globally.”

Lauding the contribution of IIT Kanpur in the fields of scientific research, Modi said its students should continue the glorious legacy of their institute. Later, Modi inaugurated the first phase of the Kanpur Metro Rail project that is being built for an investment of Rs 11,000 crore.