Office Address
123/A, Miranda City Likaoli Prikano, Dope
Phone Number
+0989 7876 9865 9
+(090) 8765 86543 85
Email Address
info@example.com
example.mail@hum.com
123/A, Miranda City Likaoli Prikano, Dope
+0989 7876 9865 9
+(090) 8765 86543 85
info@example.com
example.mail@hum.com
The Centre on Tuesday
14 March assured the start-ups that it
is taking proactive measures to address concerns raised by them in view of
the closure
of Silicon Valley Bank (SVB).
In a meeting called by
the government, Union Minister of State for Electronics, and Information and
Technology Rajeev Chandrasekhar said the
government will work with banks and stakeholders to encourage the development
of innovative credit products.
He said the government
would enable start-ups and venture
capitalists (VCs) in smooth and non-disruptive transfer of funds from the US to
Indian banks.
Besides, the
possibility of providing ‘deposit-backed credit lines’ was discussed in the
meeting.
Sources said that more than 450 entrepreneurs, VCs, and
stakeholders participated in the meeting to discuss the fallout of SVB and
how the government can help the star-ups in overcoming the crisis.
The government’s
priority is to tide over this crisis. We are laser focussed on making sure that
every start-up is able to navigate this storm, Chandrasekhar said.
He said the government
will also work with banks and stakeholders to encourage the development of
innovative credit products, adding that the Indian banks in the US need to
engage and support start-ups proactively via new product offerings.
The start-ups have
welcomed this gesture and said the government is taking proactive measures to
address their concerns.
“This is a welcome step as the meeting explored
financing options for start-ups and VCs. It’s encouraging to see the government’s efforts
towards fostering a supportive ecosystem for entrepreneurs,” said Yash Akashi,
founder at TedxGateway.
