Indian Startup Ecosystem gains Global Recognition

On Thursday, India’s IT and Communications Minister Ashwini Vaishnaw announced that the Indian startup ecosystem has earned global recognition and respect. The Minister encouraged the startups and entrepreneurs to come out with inclusive new-age solutions to transform the lives of poor and marginalized sections. Ashwini Vaishnaw named startups "accelerators". He said the combination of their multiplier force coupled with the strength of a trusted post office network can give exceptional results for financial inclusion goals. The Union Minister while speaking at the launch of the 'Fincluvation' initiative said, "Understand the gravity of the convergence of humanity and technology...keep the bottom of the pyramid in mind for all programs...The goal is to reach the last person in the society.”

India Post Payments Bank (IPPB), an entity under the Department of Posts (DoP), has introduced Fincluvation which is a joint initiative to partner 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. Ashwini Vaishnaw further commented, "Today Indian startup ecosystem is respected all over the world. We are today among the top three startup ecosystems in the world.”