Indian startup ecosystem gains global recognition

By TIN Media | India Published 1 year ago on 22 April 2022
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Minister for IT and Communications Ashwini Vaishnaw stated on Thursday that the Indian startup ecosystem has garnered global recognition and respect, and urged startups and entrepreneurs to develop inclusive new-age solutions to improve the lives of the poor and marginalized.

The minister referred to startups as "accelerators," saying that the combination of their multiplier effect and the strength of a trustworthy post office network may produce remarkable outcomes in terms of financial inclusion goals. "Understand the gravity of mankind and technology colliding... For all programs, keep the bottom of the pyramid in mind...At the introduction of the 'Fincluvation' campaign, the minister stated, "The goal is to reach the last person in society."

Fincluvation is a collaborative initiative between India Post Payments Bank (IPPB) and the Department of Posts (DoP) to cooperate with the fintech startup ecosystem to co-create and innovate solutions for financial inclusion. Startups are welcome to participate, develop, and market intuitive and personalized goods and services that can be taken to clients through this program.

Startups will be encouraged to provide solutions aligned with tracks such as creolization, digitalization, and any other market-led solution that will assist IPPB or DoP in serving the target clients.

"Today, the Indian startup ecosystem is revered around the globe. The minister noted, "We are now among the top three startup ecosystems in the world."
He claims that collaborating with entrepreneurs from various industries has yielded incredible outcomes.
"The results have been outstanding and amazing in each field where the government has engaged with entrepreneurs," Vaishnav remarked.
Fincluvation, he explained, aims to establish a powerful platform that will mobilize the startup community to build significant financial products that will help people get into the financial system.
According to him, a combination of IPPB's banking stack, DoP's dependable doorstep service network, and startups' techno-functional expertise may provide unrivaled value to the country's residents. (PTI)


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