Red carpet, not red tape for investors in India: PM Modi

Technology is a force of equality and empowerment in India, said Prime Minister Narendra Modi, while inaugurating the Bengaluru Tech Summit today through a virtual address. 

This year's Bengaluru Tech Summit will see the signing of nine Memorandums of Understanding (MoU), as well as the launch of 20 new products. The event will take place over three days and will feature over 575 exhibitors and startups from 16 Indian states. The state is also among the top contenders among those that will get semiconductor fabs in the country.

The PM noted that the country’s position in the Global Innovation Index (GII) has risen from 81st in 2015 to 40th in 2022. The GII is an annual ranking of countries by success in innovation maintained by the World Intellectual Property Organization.

"Healthcare, management, finance - you will find young Indians leading many domains. We are using our talent for global good… The number of unicorn startups in India has doubled since 2021. We are now the 3rd largest startup hub in the world. We have over 81,000 recognised startups. There are hundreds of international companies that have R&D centres in India. This is due to India's talent pool," he said.

Further, the Prime Minister claimed that the country, which was once known to have too much red tape that reduced ease of doing business, is now “known for red carpet for investors”. “Whether it is FDI reforms, liberalization of drone rules, steps in the semiconductor sector, the production incentive schemes in various sectors, or the rise of ease of doing business," he added.

Modi said that internet access in rural areas is growing faster than urban areas in the country, which provides “a new demographic” for the information superhighway. 

"Your investments and our innovation can do wonders. Your trust and our tech talent can make things happen. I invite you all to work with us as we lead the world in solving its problems," Modi added.