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PM Modi to startups, Build institutions that will outlive this century

New Delhi: Indian startup founders should look beyond exits and valuations and build world class products that will outlive this century, in order to become globally competitive in the field of technology, Prime Minister Narednra Modi said at the ongoing NasscommTechnology & Leadership Forum 2021.

“I have a special message for my startup founders. Do not limit yourself to only valuations and exit strategies. Think how you can create world class products that will stand the global benchmark in excellence,” Modi said at the inaugural session of NTLF, the Indian software industry body National Association of Software and Services Companies’ flagship event. This is the 29th edition of NTLF, and the first time it is being held virtually.

India will reach 75 years of independence this year and as we begin the journey from 75-100 years, the IT Industry in India should focus on bolder aspirations, leadership and contribution to the country, he added.
“We will have to make new measures to measure our competitiveness. We will have to compete with ourselves. To become a global technology leader, along with innovation and enterprise the Indian IT (information technology) sector will have to give equal importance to a culture of excellence and institution building,” he said.

Nasscomm has projected a 2.3 per cent revenue growth in FY21 for the country’s IT industry despite the Covid-19 pandemic. It has pegged the Indian IT industry’s revenue during the current financial year at $194 billion, up from $190 billion in FY20.

“When the chips were down, your code kept things running,” Modi said on Wednesday, addressing the event.

Although several players faced pricing pressure as the global economy contracted, the Indian IT services segment is set to grow 2.7 per cent to $99 billion, according to the latest numbers. Growth was driven by the e-commerce sector that grew 4.8 per cent to $57 billion, followed by a 4.1 per cent growth in the hardware segment that touched a revenue of $16 billion on a year-on-year basis. Exports are expected to touch $150 billion for FY21.

The PM added that the IT industry should also look at building technology solutions proactively, especially in areas such as agriculture, health and wellness, telemedicine, education, and skilling.

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