Prime Minister Narendra Modi on Saturday said efforts should be made to make India the most attractive destination for innovation and enterprise. He said any society that does not innovate, stagnates.

“Innovation is the buzz-word of 21st century,” Modi said during the 56th annual convocation of the Indian Institute of Technology, Bombay. “That India is a emerging as a hub for start-ups shows the thirst for innovation.” He also inaugurated the new buildings of the Department of Energy Science and Engineering and Centre for Environmental Science and Engineering at IIT-Bombay, ANI reported.

Modi said innovation and enterprise will be the foundation to make India a developed economy. “A long term sustainable technology-led economic growth is possible on this foundation,” he said, adding that this goal can only be achieved by youngsters.

“The best ideas do not come in government buildings or in fancy offices,” the prime minister said. “They come in campuses like yours, in the minds of youngsters like you.” He urged students to “innovate in India, innovate for humanity” and declared that the best ideas will be put forth by Indian laboratories and Indian students.

The prime minister also announced a financial aid package of Rs 1,000 crore for infrastructural development at IIT-Bombay, and said that the success of IITs paved the way for the development of engineering institutes across the world, reported The Times of India. He termed the IITs as “India’s Instrument of Transformation”.

On Friday, a group of students of the institution issued a statement questioning the varsity’s decision to invite Modi as the guest of honour, The Wire reported. The students questioned the ruling government’s contribution to higher education and in protecting fundamental rights. The students, however, said they did not intend to take up the matter with the administration.