IT Minister: Indian Startup Ecosystem Gains Global Recognition

On Thursday, Minister of Information Technology and Communications Ashwini Vaishnaw said the Indian startup ecosystem has received international praise & respect and encouraged startups and entrepreneurs to develop inclusive new-age solutions to benefit the poor and needy.

Startups, according to the minister, are “accelerators,” and the combination of their multiplier impact and the power of a reliable post office network may create extraordinary results in terms of financial inclusion goals.

“Keep the bottom of the pyramid in mind for all endeavors. The objective is to reach the very last individual on the planet.” At the outset of the ‘Fincluvation’ program, the minister made the remark.

Fincluvation is a collaborative project 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, create, and market intuitive and personalized goods and services that may be taken to clients through this program.

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

Collaboration with entrepreneurs from other industries, he argues, has brought tremendous results.

“The outcomes have been outstanding and amazing in each field where the government has engaged with entrepreneurs,” Vaishnaw remarked.

Fincluvation, he explained, aims to construct a powerful platform to push the startup community toward the development of significant financial solutions that promote financial inclusion.

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.