Startups

PM Modi exhorts startups to move beyond valuations to create world-class institutions

Read more at economictimes.indiatimes.com

Prime Minister Narendra Modi exhorted the country’s burgeoning startup ecosystem to move beyond focusing on the valuations and exit strategy and rather create world-class institutions that will last for a century and create a huge impact for the country.

Modi was speaking at the first-ever virtual Nasscom India Leadership Forum on Wednesday. Giving industry a kind of a target, he said by the time India celebrates its 100th Independence Day, the country should have a good showcase of global leaders and innovative products.

He also encouraged the industry to focus on “make for India” products, take advantage of the huge domestic market and use its expertise in creating new products in areas such as agriculture and telemedicine. He also said that with optical fibre reaching 6 lakh villages over the next few years, the industry will be presented with never-before opportunities and it should also think of solutions that create impact at the grassroot level.

The prime minister also appreciated the startup ecosystem for making sure that industries and governments not just in India but across the world continued to operate even as most people were confined to their homes. “When the chips were down, your code kept everything running.”

He also spoke about how India’s reputation in the world has been strengthened due to the use of indigenously developed Covid vaccines which are also being exported to other countries. While solutions like Aadhaar and DBT have weeded out corruption and ensured that money reaches directly to the beneficiaries, even institutions such as the World Bank recognise how India is transitioning to a less-cash economy through the use of fintech solutions and UPI, he said.

“The country has a lot of expectations from the industry,” he said as he encouraged the sector champions as well as the startups to start creating solutions which have an imprint of “makeforindia”.

Read more at economictimes.indiatimes.com

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