Following the collapse of Silicon Valley Bank (SVB), the government worked swiftly to assist Indian entrepreneurs, ensuring they were not negatively harmed by the “minor crisis” according to Union Minister Ashwini Vaishnaw on Monday.
Additionally, he urged the entire startup community to view the Indian banking industry as a reliable partner.
The Minister for IT and Communications, Vaishnaw, also cited India’s quick advancements in quantum computing and artificial intelligence (AI).
The Minister stated during an event hosted by the India Global Forum that while India used to solely be viewed as a technology consumer, “many global developers like to have Indian startups, entrepreneurs and academicians as their partners, as technology gets developed”
He stated, “We would like to employ Indian talent to produce solutions for India and the globe in these two technologies.
When asked if India could create a product comparable to ChatGPT, the Minister responded, “wait for a few weeks there will be a big announcement.” According to the Minister, having a reliable partner like India is crucial for the world economy.
There is a feeling that India should become a significant semiconductor manufacturing location throughout the world, according to Vaishnaw, who also stated that the government is working “sincerely and diligently” to guarantee that a thriving semiconductor ecosystem develops in the nation.
The Minister added that the government acted quickly to support Indian start-ups that had money or deposits in the bank following the SVB bankruptcy.
In response to the minor crisis, he explained, “How we responded to that minor crisis is that we immediately engaged with entire start up community and made sure that whatever deposits they wanted to shift to Indian banks… the entire process was flawlessly executed by collaboration between different arms of Government,”
The Minister claimed that not a single start-up was negatively impacted by the “minor crisis” and described the Indian banking system as resilient with a sound balance sheet.
“We have urged all start-ups to place their money in India instead of considering depositing it in a bank anywhere else. And I will ask the entire global startup community to consider India as their reliable banking sector “added he.
Vaishnaw urged businesspeople and innovators from across the world to take advantage of India’s competitive advantages to create reliable technology for both the nation and the rest of the world.
According to Vaishnaw, testing of the India’s 4G/5G stack produced excellent results.
“The roll-out process has begun. We will begin rolling out 300 sites per day of this in-house telecom technology stack in India in September “said he.
