Bengaluru Tech Summit | India no longer known for red tape, but red carpet for investors: PM Modi

India is no longer known for red tape, but rather for rolling out the red carpet for investors, Prime Minister Narendra Modi said on Wednesday, November 16. He was speaking at the opening session of the 25th Bengaluru Tech Summit.

"India is no more a place known for red tape. It is 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 said.

The Prime Minister said in his recorded address that India's technology and innovation have impressed the world, but that the future will be even bigger because of India's "innovative youth and increasing tech access."

He went on to say that youth have ensured tech and talent globalisation.

"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.

He focused on increasing access to technology, claiming that the country is experiencing a "mobile and data revolution."

"The growth of the internet is faster in rural areas than in urban areas. A new demographic is being connected to the information superhighway," he said.

The PM added that tech was seen as an exclusive domain that is only for the high and mighty, but India has shown how to democratise it and give it a human touch.

He cited the Ayushman Bharat programme as well as the COVID-19 vaccine drive through COWIN.

He added that India has one of the largest online repositories of open courses, with over 10 million successful certifications.

He cited the Government e-Marketplace as an example of a government running a successful e-commerce platform in India.

"It is a platform where small traders and businesses fulfil the government's needs. Technology has helped small businesses find a big customer. At the same time, this has reduced the scope for corruption. Similarly, technology has helped with online tendering. This has accelerated projects and boosted transparency," he said.

He said that innovation backed by integration becomes a force, and that technology is being used to end silos, enable synergy, and ensure service.

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.

Over 15 countries participated in the summit, including Japan, Finland, the Netherlands, Denmark, Sweden, Switzerland, Germany, Australia, the United States, Lithuania, and Canada, in order to collaborate with Indian companies.