India's startup founders should focus on creating institutions, not just valuations: PM Modi
Prime Minister Narendra Modi on Wednesday urged India's startup founders to think about how to create institutions and not focus on valuations alone.
Addressing the NASSCOMTechnology and Leadership Forum, PM Modi said that startups should not restrict themselves only to valuations on exit strategies. They should think about creating an institution that can outlive this century by creating world-class products that will set the global benchmark of excellence.
The Prime Minister further said the country's large population is the IT industry's biggest strength as people are eager to adopt newer solutions.
IT industry's corporate social responsibility (CSR) efforts to develop lateral thinking in rural kids can prove to be a gamechanger for India, PM Modi noted.
The country is not short of ideas, he said, adding that it needs mentors to help turn ideas into reality.
The IT industry will have to develop solutions for societal good which leverage on the wide optical fiber cable (OFC) network we are laying across the country, PM Modi said.
He further added that countrymen are impatient for progress and his government understands this yearning within the youth.
He said it is the aspirations of over 130 crore Indians that inspire everybody to drive ahead at a fast pace.
The New India and every citizen is impatient for development. Our government understands the emotions of the New India's youth. Over 130 crore Indians' aspirations inspire us to drive ahead, he said.
The 'New India' looks up to the government and also to the private sector for progress going ahead, he said.
PM Modi lauded the work done by the IT industry during the pandemic, specifically mentioning that the sector will have managed to grow over 2 percent to $194 billion in FY21.
He also exuded confidence that the IT industry's growth momentum will be touching newer highs going forward.