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Startups should opt Indian banks as preferred partners: MoS Chandrasekhar amid SVB-led crisis

New Delhi: Emphasising that the Indian banking system is resilient and strong amid the Silicon Valley Bank-led crisis in the US banking system and contagion effect on some others in a matter of less than a week, Union minister Rajeev Chandrasekhar has said startups should opt Indian banks as their preferred partners.
Union Minister of State for Electronics & IT said special provisions available at Gift City in Gujarat can be quick and impactful support for Indian startups. During a session at the Lenovo Tech World India 2023 themed 'Smarter Technology Empowering a Changing world' on Thursday evening, the minister also spoke about the transfer of bank deposits worth over USD 200 million to GIFT City, Gujarat, which according to him was a sign of the Indian banking system's growing prominence.
"Today what is attractive about the banking system is not their appetite to take risk instead it is their prudency which makes them strong. What startups are looking for is not risk or risky instruments, instead they are looking for safe havens where capital can be deposited," he said further.
Further, he spoke about India Stack, and also announced India Stack Global Conference will be held in May where 7 to 8 countries are expected to sign up and implement the India stack -- which are open-source, low cost, interoperable and scalable.
When asked about the Digital India Act, Chandrasekhar said, "We need a legal and cyber law framework that is contemporary and future-ready. Disruption is normal and innovation will push the conversation of what is acceptable. Thus, we need laws that can keep pace with the rate of change."
The proposed Act, he said, will be contemporary, and future-proof for the current ecosystem and can show the rest of the world what a modern day legislation for the tech ecosystem looks like.
On the issue of semiconductors which are in huge demand, the minister said that Prime Minister Narendra Modi's vision and support have been crucial for the inroads that India has made in the domain of semiconductors.
"We are certainly on course to announce a fab investment and a packaging investment being approved by the Government of India."
He also announced the setting up of India Semiconductor Research Center, which will create capabilities and capacities in the leading edge of research in semiconductors. (ANI)

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