In an exclusive interview with YourStory, Prime Minister Narendra Modi spoke about India’s startup potential, women entrepreneurs, the demographic dividend, and India becoming a technology and data superpower.
YourStory’s Shradha Sharma asked the question, “You gave high hopes to everyone. High expectations come with high hopes. So don’t you think hope is a double-edged sword? Do you feel the pressure because of people’s expectations?
In response, PM Modi said,
“I feel hope and aspirations are good for any society and country. It is our effort to ensure that our country is brimming with confidence and aspirations. We do not want the negativity and pessimism that was seen during the previous government. As regards to expectations, I believe that more the expectations, the more will it drive us to work at a better pace and energy.”
How to Address Gaps in Startup India
After telling the PM how he made startups mainstream, Sharma mentioned a perception that the program’s benefits “have not been as widespread as they could have been” and asked how he would fix any gaps. The PM answered with the steps the government had taken to “boost the startup ecosystem”, including streamlining regulatory mechanisms, amending the definition of ‘startup’ so that more startups could benefit, tax exemptions, among others.
PM Modi also said that India’s range of innovation is vast, since now startups are not only coming up in the e-commerce sector, but also in sectors like agri-based, social entrepreneurship.
Angel Tax
On issues regarding the new Angel Tax policy, PM Modi said that he is aware of the issues being raised, and that he sees these concerns as a positive sign as it shows his government is open to feedback.
“This issue is related to a segment of the new economy and it often happens that these issues can’t be addressed through the old lens. We need to be sensitive to this fact. When the issue was raised, the other ministries concerned immediately discussed this issue and assuaged the startup community. A healthy dialogue has happened between the community and the government, and I am told that a further order has been passed to give relief to the startups.”
On Women Entrepreneurs
When asked about special focus on women entrepreneurs and awarenes around women entreprenuers, PM Modi began telling a story of how his government’s Mudra Yojana helped a woman from Tamil Nadu with her Thermos business.
“Women are natural entrepreneurs. They have a smart and simplified understanding of complex business terms and have excellent management skills. Women are also blessed with innovative ideas and creative ways to realise them. They know when it is the right time to conserve capital and when it is a time to stock up on inventory.”PM Modi
He further listed out the initiatives started by the government to empower women – like the Mudra Yojana, where he said 10 crore out of the 14 crore loans given out are to women. These loans are collateral-free and liberate entrepreneurs from the vicious cycle of exorbitant interest rate charged by moneylenders, he said.
He further said that each bank under the Stand-up India programme is lending to at least one woman entrepreneur.
Importance of MSMEs & Reforms
When asked what the importance of the MSME sector was to him, PM Modi said that the sector is consumer-centric and cannot be operated under ‘one-size-fits-all’ maxim. “It is the MSME sector which understands and caters to the diverse needs and requirements of India.” he said.
Bringing in the benefits of the Mudra Yojana again, PM Modi said that the Yojana has helped fund entrepreneurial aspirations of crores of our countrymen.
He also talked about the 12 initiatives launched by the government few months ago which pertain to increasing access to the market, to ease of doing business for MSMEs and social security for the employees.
On New India Initiative
“New India is about aspirations and the opportunities to fulfil these aspirations whatever be one’s background. New India is about rule-based governance model rather than a discretion-based one. Processes, and not pedigree matters.”
PM Modi, when asked about New India, again took the opportunity to list out what all this government has done towards a ‘New India,’ starting with the claim that under his government, everybody is treated the same.
“From the VIP era, we are now in the era of EPI – Every Person is Important.”
To prove his point, he brought up rural electrification in building the new India, where he said his government has brought all villages on the grid within 1,000 days.
He also said that his government has taken the number of airports in the country to a total of 100 from the previous 65. In terms of sanitation, PM Modi said that India’s sanitation rate shot up to 96 percent from 38.70 in the last four years.
“Mind you, all this phenomenal work has happened with the same system, same files, same officers, and same delivery mechanisms that the earlier government had. This happened because we are result oriented.”
On Indian Youth
When asked what his advice to the youth of India would be, PM Modi said, “Have faith in yourself and enjoy every moment of life. Don’t bow to any pressure from society.”
Citing the example of youth in villages leveraging Wi-Fi and other digital tools to clear competitive exams, the PM said there were “wonderful stories” of the digital India campaign transforming the lives of people have emerged in the recent years.
Where Do You See India in the Next Five Years?
Responding to a question on India's position on the world stage in next five years, PM Modi said that all the 10 cities projected to have the fastest growth in the world for the next two decades belong to India.
“Our country hasn’t just created history in space exploration, but we have secured a significant place (on the world stage) in the Information Technology (IT) sector too, thanks to our talented youth.”
“The deep economic reforms undertaken by the government in the last four years will take the country to even higher development trajectory,” he said.
(With inputs from YourStory)
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