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When the chips were down, IT sector kept things running: PM Modi

“Think how you can create world class product that will set the global benchmark on excellence. There can be no compromise on these twin goals for without them, we will always be a follower, and not a global leader,” Modi said.

By: ENS Economic Bureau | New Delhi |
February 18, 2021 3:06:05 am
Prime Minister Narendra Modi addresses the Nasscom Technology and Leadership Forum via video. (Screengrab via PIB)

Prime Minister Narendra Modi on Wednesday called upon Indian startups to create world class products which set global benchmarks in excellence, and not just focus on valuations or exit strategies. Addressing the Nasscom Technology and Leadership Forum through virtual conference, the Prime Minister said that startups must create institutions that will outlive this century.

“Think how you can create world class product that will set the global benchmark on excellence. There can be no compromise on these twin goals for without them, we will always be a follower, and not a global leader,” Modi said.

“When the chips were down, your code kept things running. When the entire country was bound to the four walls of their homes, you kept running the industry smoothly from home. The numbers for the last year may surprise the world, but it would be very natural for most people in India considering the capabilities of the sector,” Modi added.

At its annual strategic review for 2020-21, Nasscom said it expects an annual growth of 2.3 per cent to $194 billion for India’s IT and IT enabled services (ITeS) sector. The industry body said exports by the IT and ITeS sector would touch $150 billion, a 1.9 per cent on-year growth, and contributed about 8 per cent to the gross domestic product (GDP).

“At a time when everyone was expecting a de-growth, then if the IT industry adds $4 billion to its revenue, it is worth praise and everyone deserves congratulations. The IT industry has proven why it is a strong pillar in India’s growth,” Modi said, adding that all numbers showed that growth momentum of the sector would continue.

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