Speaking at the Startup Event in San Jose, California, Prime Minister Narendra Modi has said that he sees Startups, technology and innovation as exciting and effective instruments for India's transformation, and for creating jobs for the youth.

"When each of the five hundred odd towns (in India) produces ten Startups and each of our six hundred thousand villages produce six small businesses, on a regular basis, we will create an enormous economic momentum and generate a huge number of jobs in our country," he remarked.

PM pointed out that India's own ecosystem of startups is evolving rapidly. It is driven by the energy, enterprise and innovation of our youth. He added that we have a huge market with rapid growth and untapped opportunities in every sector.

"We now have the institutions, incentives and interest for new ventures. We have incubators, accelerators and investors willing to back an idea and assume risks. India has woken up to the potential of Startup Ventures with great enthusiasm and energy. In the past few years, they have grown exponentially."

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