PM Modi addresses VivaTech, says India offers what innovators, investors need

Noting that India has implemented huge reforms across sectors, Prime Minister Narendra Modi on Wednesday said that the country has been "adaptable and agile" even in the middle of the COVID-19 pandemic.

He invited investments on the five pillars of talent, market, capital, eco-system and culture of openness.

Delivering the keynote address at the 5th edition of VivaTech through video conferencing, he said India offers what innovators and investors need.

He said COVID-19 is the "biggest disruption of our age" and there is a need to focus on the twin foundations of "repair and prepare".

VivaTech is one of the largest digital and startup events in Europe, held in Paris every year since 2016.

The Prime Minister said India's strides in the world of technology and start-up are well-known and several unicorns have come up in recent years.

"We in India implemented huge reforms across sectors, be it mining, space, banking, atomic energy and more. This goes on to show that India as a nation is adaptable and agile, even in the middle of the pandemic," he said.

"Our nation is home to one of the world's largest start-up ecosystems. Several unicorns have come up in recent years. I invite the world to invest in India based on the five pillars of talent, market, capital, eco-system and culture of openness," he added.

The Prime Minister said that over the past year, the world has witnessed a lot of disruption in different sectors due to COVID-19.

"Much of it is still there. Yet, disruption does not have to mean despair. Instead, we must keep the focus on the twin foundations of repair and prepare," he said.

PM Modi said innovation can help where convention fails. "I believe where convention fails, innovation can help. This has been seen during the COVID-19 global pandemic, which is the biggest disruption of our age," he said.

"COVID-19 put many of our conventional methods to test. However, it was the innovation that came to the rescue. By innovation I refer to innovation before the pandemic, innovation during the pandemic," he added.

The Prime Minister said that digital technology helped people cope and connect during the pandemic.

"When I speak about innovation before the pandemic, I refer to the pre-existing advances which helped us during the pandemic. Digital technology helped us cope, connect, comfort and console. Through digital media we could work, talk with our loved ones and help others," he said.

"The second part, innovation for the pandemic refers to how humanity rose to the occasion and made the fight against it more effective," he added.

The Prime Minister said India and France have been working closely on a wide range of subjects and among these, technology and digital are emerging areas of cooperation.