Prime Minister Narendra Modi has said that continuing with traditional path of development with public and private sectors may not be sufficient and a third one- personal sector is necessary to achieve developmental goals. Addressing a Indo-US Start up Konnect event at San Jose, California, USA, he said that individual enterprises, micro enterprises and micro finances as the personal sector or start ups will transform Indian economy. <br/><br/>Mr. Modi said government is launching schemes for start-up India mission announced in this year's independence day speech. He said India has woken up to the potential of start up ventures with great enthusiasm and energy and in the past few years they have grown exponentially. Prime Minister said these are not only commercial success stories but represent social innovations also.<br/><br/>Prime Minister also launched the BHARAT Fund which stands for Better Health, Agriculture, Renewable and Technologies. The fund aims to provide risk capital to start ups.<br/><br/>AIR correspondent reports that 40 Start ups from India participated in the event. These were mainly in the areas of agriculture, Pharma, financial sector, Bio-technology and renewable energy. Seven MoUs were signed between Indian Start ups and US based partners at the end of the event.