Indian startup ecosystem gains global recognition: Ashwini Vaishnaw

Terming startups as "accelerators", he said the combination of their multiplier force along with the strength of a trusted post office network can yield phenomenal results

The Indian startup ecosystem has gained global recognition and respect, Minister for IT and Communications Ashwini Vaishnaw said on Thursday, exhorting the startups and entrepreneurs to come out with inclusive new-age solutions to transform the lives of poor and marginalised sections.

Terming startups as "accelerators", the minister said the combination of their multiplier force along with the strength of a trusted post office network can yield phenomenal results for financial inclusion goals.

"Understand the gravity of the convergence of humanity and technology...keep the bottom of the pyramid in mind for all programmes...The goal is to reach the last person in the society," the minister said speaking at the launch of the 'Fincluvation' initiative.

India Post Payments Bank (IPPB), an entity under the Department of Posts (DoP), has launched Fincluvation - a joint initiative to collaborate with the fintech startup community to co-create and innovate solutions for financial inclusion. Under this, startups are being invited to participate, ideate, develop and market intuitive and tailored products and services that can be taken to the customers.

Startups will be encouraged to develop solutions aligned to tracks such as creditisation, digitisation, and any market-led solution that can help solve a problem relevant to IPPB or DoP in serving the target customers.

"Today Indian startup ecosystem is respected all over the world. We are today among the top three startup ecosystems in the world," the minister observed.

Collaboration with startups across multiple sectors has led to amazing results, he said.

"In each sector, where the government has partnered with the startups, the results have been phenomenal and amazing," Vaishnaw said.

Fincluvation, he noted, is aimed at creating a powerful platform to mobilise the startup community towards building meaningful financial products aimed at financial inclusion.

A combination of IPPB's banking stack, DoP's trustworthy doorstep service network and the techno-functional acumen of startups can deliver unmatched value to the citizens of the country, he said.