Innovation key to India becoming USD 5 trillion economy : PM

Innovation key to India becoming USD 5 trillion economy : PM

Agency News

Chennai, Sep 30 : Innovation and start-ups will play a crucial role in India becoming a USD five trillion economy, Prime Minister Narendra Modi said on Monday.

Speaking after distributing the awards to the winners of the Singapore India Hackathon 2019 att IIT-Madras here, he congratulated all the participants and said "your willingness to confront challenges and find workable solutions, your energy, enthusiasm is of much greater value than just winning a competition.''

"Hats off to you...For me, each of you is a winner. You are winners because you are not afraid of taking risks, you are committed to your efforts without worrying about the results'', he said and added that he had suggested this idea of a joint hackathon last year when he visited Singapore.He said while last year’s hackathon held in Singapore and the focus was competition, this year each team has a member from both the countries thereby turning the event from competition to cooperation.

Stating that the ideas shared in today's hackathon was tomorrow's start-up ideas, Mr Modi said ''today India is poised to grow into a USD five trillion economy. For this innovation and start-ups will play a crucial role''. Observing that India was now among the top 3 start-up ecosystems, Mr Modi said "We are encouraging innovation and incubation for two big reasons. We want easy solutions, we in India want to find solutions for the World.''

''We want Indian solution for global problems'', he said.

"Let me take this opportunity to suggest a joint hackathon for all ASEAN countries, with the support of Singapore and Indian governments to develop solutions for reducing global warming and climate change,'' he added. Mr Modi also appealed to the visitors to visit the nearby UNESCO World Heritage site of Mahabalipuram, famous for its stone carvings and stone temples.

Making a special reference to South Indian culinaries like idli, dosa, vada and sambar generally taken for breakfast, Modi said Chennai was known for its hospitality and its warmth. (UNI)