Prime Minister Narendra Modi on Wednesday urged India's startup founders to think how to create institutions and not focus on valuations alone.

Addressing the Nasscom Technology and Leadership Forum here, Modi said that 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.

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.