Trying to free IT industry from unnecessary regulations: PM Modi

Speaking at a Nasscom event, Modi cited the liberalised regulations on geospatial data, making it freely available in the country for innovation and IT companies

Prime Minister Narendra Modi on Wednesday said that the government is taking numerous steps to free the IT industry from unnecessary regulations.

Speaking at the Nasscom Technology & Leadership Forum 2021, Modi cited the liberalised regulations on geospatial data, making it freely available in the country for innovation and IT companies.

The change is made specifically for Indian companies through updating the current guidelines pertaining to developing map technologies.

The Prime Minister congratulated the Indian IT industry for running the industry even during Covid-19 restrictions.

The Prime Minister further said the large population of the country 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, 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, Modi said.

Modi also urged India's startup founders to think how to create institutions and not focus on valuations alone.

"Startups should not restrict themselves only to valuations on exit strategies. They should think of creating an institution that can outlive this century by creating world class products that will set the global benchmark of excellence," he said.

"Today's India is full of self-confidence. We have seen at the borders also. India has confidence we will keep India secure," Modi said, referring to India's response to China in Eastern Ladakh.