Home/ News / India/  Govt's prompt action ensured Indian startups were not impacted by SVB crisis: Ashwini Vaishnaw

Amid the Silicon Valley Bank (SVB) collapse making global headline, Union Minister Ashwini Vaishnaw on 27 March said that government's prompt action to help Indian startups after the aftermath ensured they were not adversely impacted by the 'minor crisis'.

The entire startup community to think of the Indian banking sector as their trusted partner, he said, adding, the rapid strides taken by India in areas of Artificial Intelligence (AI) and quantum computing.

According to Vaishnaw, many global developers like to have Indian start ups, entrepreneurs and academicians as their partners, as technology gets developed.

"... In these two technologies, we would like use of Indian talent for developing solutions for India and for the world," he said while speaking at India Global Forum event.

ALSO READ: Debt Grows More Expensive, Harder to Get for Startups After SVB Collapse

On being asked if India can produce something equivalent to ChatGPT, the Minister said 'wait for a few weeks there will be a big announcement'. He said it is important for global economy to have trusted partner like India.

Vaishnaw said that after the SVB collapse, the government swung into action to handhold Indian start ups that had funds or deposits in the bank.

"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," he said.

Describing Indian banking sector as resilient and with healthy balancesheet, the Minister said that not a single start up was adversely effected by the 'minor crisis'.

"We have requested all the start ups, don't think about putting your funds in any bank anywhere...put your funds in India. And I will request all the Global start up community also, think of India as your trusted banking sector," he said.

With agency inputs.

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Updated: 27 Mar 2023, 04:16 PM IST
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