The Indian government has taken prompt steps in order to help Indian startups in the aftermath of the Silicon Valley Bank collapse.
The IT & Communications Minister Ashwini Vaishnaw stated that “After the SVB collapse, the government swung into action to handhold Indian startups that had funds or deposits in the bank. We have requested all the startups, don’t think about putting your funds in any bank anywhere; put your funds in India. And I will request that all the global start-up community also, think of India as their trusted banking sector.”
While addressing the Global Forum event on March 27, Ashwini Vaishnaw said, “While there was a time when India was only seen as a consumer of technology, today many global developers like to have Indian startups, entrepreneurs, and academicians as their partners, as technology gets developed.”
The minister hinted at making a big announcement in the coming weeks about India producing a platform that could be on par with ChatGPT.
He further called upon the Indian startup ecosystem and asked them to consider the Indian banking sector as their trusted partner. He also laid emphasis on the progress made by Indian startups in artificial intelligence and quantum computing.
He further added that with these technologies, the government will focus on utilising Indian talent to innovate and work towards solutions.
Globally, India is emerging as an important semiconductor manufacturing destination, and the government is focusing on ensuring that India becomes a vibrant sector of the semiconductor ecosystem.
Ashwini Vaishnaw stated that “After the SVB collapse, the government swung into action to handhold Indian startups that had funds or deposits in the bank. We have requested all the startups, don’t think about putting your funds in any bank anywhere; put your funds in India. And I will request that all the global start-up community also, think of India as their trusted banking sector.”
The Indian government immediately reached out to the startups which had their deposits in Silicon Valley Bank and were willing to shift to Indian banks. The transfer of these accounts was executed smoothly with the help of several government departments.
