Indian banking system ideal for startups: MoS Rajeev Chandrasekhar
- ByStartupStory | March 17, 2023
During a fireside chat at the Lenovo Tech World India 2023 event, Union Minister of State for Electronics and IT and Skill Development and Entrepreneurship, Rajeev Chandrasekhar has suggested that “Indian startups should explore the option of collaborating with domestic banking partners, as he believes that the Indian banking system is highly resilient”.
The event, held on Thursday, centred around the theme of “Smarter Technology Empowering a Changing World.”
The strength of the Indian banking system was highlighted by MoS Chandrasekhar during his talk at the Lenovo Tech World India 2023 event, where he mentioned the transfer of more than $200 million in bank deposits to GIFT City, Gujarat as a demonstration of this strength. According to the minister, startups can take advantage of the special provisions offered by GIFT City.
He emphasised that “startups are currently looking for secure options to invest their funds in, and they prefer to avoid risky investment instruments. He further explained that startups find the caution and reliability of the banking system in India appealing”.
MoS Chandrasekhar expressed his positivity towards India Stack and mentioned that “he expects seven to eight countries to join India Stack during the upcoming India Stack Global Conference in May”.
Chandrasekhar is of the opinion that the Digital India Act (DIA) has the potential to bring about a significant transformation in the Indian technology industry. He stressed on “the importance of having a contemporary and flexible cybersecurity legal framework in India, and he believes that the DIA will fulfil this need. He further added that the act will be an exemplary model of progressive legislation for the tech industry worldwide”.
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