Union Minister of State for Electronics and IT Rajeev Chandrasekhar on Friday said that the Narendra Modi government aims to increase electronics manufacturing capacity to Rs 24 lakh crore by 2025-26, which will also help create over 10 lakh jobs.
Addressing a gathering of students here under the ‘New India for Young India Initiative’, the minister said young Indians are driving the country’s progress in India’s ‘technology’.
“There are over 90,000 startups, including 110 unicorns, in which young Indians are playing a big role. He has achieved success because of his hard work and efforts, not because of any connections or famous last name,” he told the packed audience.
Chandrasekhar had an interactive session with the students in which he answered their queries ranging from skilling, R&D and innovation ecosystem, entrepreneurship opportunities and his recent meeting with Microsoft co-founder Bill Gates.
To a question about the role of Government of India in mitigating the crisis of Silicon Valley Bank (SVB) crisis and startups, the minister said, the country’s banking system is far more resilient and robust than any other country’s banking system. Is.
“Hence, startups should choose Indian banks as their preferred banking partners,” he added.
The minister had earlier said that over $1 billion of capital “due to Indian startups” was trapped in deposits in the SVB when it collapsed.
Chandrasekhar also informed that over $250 million has been transferred from SVB to GIFT City Banks in the past few days.
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