PM Modi praises youth for driving India's thriving startup ecosystem

Prime Minister Narendra Modi on Tuesday said the policies of the government are providing support to the youth of the country and their strength has helped India become the third largest startup ecosystem in the world.

Addressing the nation on the 77th Independence Day, he said the country's exports are growing and experts world over believe India's economy would continue its growth trajectory.

"I believe in youth power, youth power is my strength... Our policies are giving more power to youth strength... The youth of the world are getting amazed by seeing the strength of Indian youth," he said from the ramparts of the Red Fort.

Their strength has helped India become "the third largest startup ecosystem in the world," Modi added.

The government has recognised as many as 98,119 entities as startups as on April 30 this year. These startups are eligible for availing incentives, including tax benefits under the Startup India scheme.

Schemes like Fund of Funds for Startups, Startup India Seed Fund Scheme and Credit Guarantee Scheme support these entities at various stages of their business cycle.

The government, with an intent to build a strong ecosystem for nurturing innovation and startups in the country, launched the Startup India initiative on January 16, 2016.