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'Indian Deposits Worth $200 M From SVB Moved To GIFT City,' MoS Chandrasekhar Reveals

While sharing the solution to Silicon Valley Bank fallout aftermaths, MoS Rajeev Chandrasekhar said that special provisions available at Gift City can be quick and impactful support for Indian startups

Photo Credit : Reu, svb.com,

'Indian Deposits Worth $200 M From SVB Moved To GIFT City,' MoS Chandrasekhar Reveals
Silicon Valley Bank

Emphasising that Indian banking system is resilient and strong, Union Minister of State for Electronics & IT and Skill Development & Entrepreneurship, Rajeev Chandrasekhar said startups should therefore opt for Indian banks as their preferred banking partners.

During a fireside chat at the Lenovo Tech World India 2023, the Minister also spoke about the transfer of bank deposits worth over USD 200 million to GIFT City, Gujarat—a sign of the Indian banking system’s growing prominence. Special provisions available at Gift City can be a quick and impactful support for the Indian startups, he added.

“Today what is attractive about the banking system is not their appetite to take risk instead it is their prudency which makes them strong. What startups are looking for is not risk or risky instruments, instead they are looking for safe havens where capital can be deposited,” he stressed.

Speaking about India Stack, Rajeev Chandrasekhar also announced, “in the month of May we will have the India Stack Global Conference, where we expect 7 to 8 countries to sign up and implement the India stack which are open-source, low cost, interoperable and scalable.”

When asked about the Digital India Act, Shri Rajeev Chandrasekhar said “We need a legal and cyber law framework that is contemporary and future ready. Disruption is the normal and innovation will push the the conversation of what is acceptable. Thus, we need laws that can keep pace with the rate of change. The DIA will be contemporary, and future proof for this ecosystem and can show the rest of the world what a modern day legislation for the tech ecosystem looks like.”

On the issue of semiconductors, the Minister said that the Prime Minister, Shri Narendra Modi Ji’s vision and support has been crucial for the inroads that India has made in the domain of semiconductors. “We are certainly on course to announce a fab investment and a packaging investment being approved by the Government of India.”

He also announced the setting up of the India Semiconductor Research Center, “which will create capabilities and capacities in the leading edge of research in semiconductors.”

The theme of the event was ‘Smarter Technology Empowering a Changing world’ and the event was attended by over 200 delegates who were physically present and over 2000 delegates who virtually attended the event.


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