India is aspiring to become a five-trillion US dollar economy and innovation and application of technology will help fuel the dream, Prime Minister Narendra Modi said on Monday.
"Today, India is inspiring to become a 5 trillion dollar economy. Your innovation, aspiration and application of technology will fuel this dream. It has become the bedrock of India's big leap into the most competitive economy," he said addressing the 56th convocation ceremony of IIT Madras.
The Prime Minister said that his government has worked to create a robust ecosystem for innovation, incubation, research and development in our country.
"The next challenge is to find a market -- to develop a start-up. The Start-Up India Programme is designed to help you meet this challenge. This programme will support innovations to find their way to the market," he said.
The Prime Minister said that IIT Madras is a prime example of how a decades-old institution can transform itself to meet the needs and aspirations of the 21st century.
"India's innovation is a great blend of economics and utility. IIT Madras is born in that tradition. Students and researchers take up the toughest problems and come out with a solution that is accessible and workable for all," Modi said.
"You know what is the best part of India's strides in start-ups? That this rise is powered by people from tier-2, tier-3 cities and even rural India. It is the result of these untiring efforts that India is today one of the top three start-up friendly ecosystems," he added.
Underlining that the beauty of human endeavour lies in possibilities, the Prime Minister urged the students to never stop dreaming and keep challenging themselves.
"That way you will keep evolving and becoming a better version of oneself," he stressed.
Reiterating his government's move to do away with single-use plastic, Modi said, "Today, as a society, we want to move beyond single-use plastics. What can be an environmentally friendly replacement that offers similar use but not similar disadvantages? This is when we look towards our young innovators like you."
He said when technology comes together with data science, diagnostics, behavioural science and medicine, interesting insights can emerge.
"Think of how your work, innovations and your research could help a fellow Indian. Not only is this your social responsibility, it also makes immense business sense," the Prime Minister said.
Modi said he sees the foundations of the 21st century resting on three crucial pillars -- innovation, teamwork and technology and said each of these compliment each other.
He said that education and learning is a continuous process.
"Your convocation ceremony indicates the conclusion of your current course of study. But it is not the end of your education. Education and learning is a continuous process," the Prime Minister said.
( With inputs from ANI )