India has emerged as the world's third largest startup ecosystem with over 1.25 lakh startups and 110 unicorns, and is charting a roadmap for becoming a developed nation with right decisions taken at the right time, Prime Minister Narendra Modi said on Wednesday.

Speaking at the Startup Mahakumbh event, Modi said India's startup ecosystem is not limited to metro cities, it has now become a social culture.

Modi vowed that he will make India the world's third largest economy in his third term, and asserted that startups will play a big role in India's progress.

The Startup India initiative gave platform to innovative ideas, and connected entrepreneurs and ventures to funding, he said.

India's youth has chosen the path of being job creator rather than job seeker, Modi said, highlighting the changing mindset of people.

He said women are leading more than 45 per cent of Indian startups. India has democratised technology, and therefore the 'haves and have-nots' theory can not work here.

The Rs 1 lakh crore fund announced for research and innovation in interim budget will help the sunrise sectors, Modi said.

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