The country is not short of ideas, Mr. Modi said, adding that it needs mentors to help turn ideas into reality.

Prime Minister Narendra Modi on Wednesday asked the startup founders in India to not restrict themselves to valuations and exit strategy but focus on creating products that will set a global benchmark on excellence.

“I want to tell our Startup founders that don’t limit yourselves to only valuations and exit strategy. Think how you can create institutions that will outlast this century. Think how you can create world class products that will set a global benchmark on excellence,” Mr Modi said, at the inaugural session of the Nasscom Technology and Leadership Forum (NTLF) 2021.

Addressing the leaders of the IT sector, the Prime Minister noted that even during the pandemic the sector achieved a growth of 2% and added $4 billion in revenues amid apprehensions of de-growth. “When the chips were down, your code kept things running,” he said.

Mr. Modi also assured the industry that the government is working to free the tech industry from unnecessary regulations.

He pointed out that in a major move, policies regarding mapping and geospatial data have been liberalised for the industry. “This step will empower our tech start-up ecosystem and the mission of Aatmanirbhar Bharat…The biggest consideration on geospatial regulations was on security. India is a more confident nation now which can be seen on our borders,” he said.

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