The Modi government’s target is to increase electronics manufacturing capability to Rs 24 lakh crore by 2025-26, which will also help create over 10 lakh jobs, Union Minister of State for Electronics and IT, Rajeev Chandrasekhar, said on Friday.

Addressing a gathering of students here as part of the ‘New India for Young India Initiative’, the minister said that young Indians are driving the country’s progress in India’s ‘Techade’.

“There are more than 90,000 startups, including 110 unicorns, in which Young Indians are playing a big part. They have achieved their success due to their hard work and efforts and not because of any connections or famous last name, ” he told a packed audience.

Chandrasekhar had an interactive session with students in which, he answered their queries ranging from skilling, R&D and innovation ecosystem, entrepreneurship opportunities and Microsoft co-founder Bill Gates’ recent meeting with him.

On a query about the Silicon Valley Bank (SVB) crisis and the Indian government’s role to mitigate the woes of the startups, the minister said, the country’s banking system is much more resilient and stronger in comparison to any other country’s banking system.

“The startups should, therefore, opt for Indian banks as their preferred banking partners,” he added.
The minister had earlier said that over a billion dollar worth of capital “attributable to Indian startups” was stuck in deposits at SVB when it collapsed.

Chandrasekhar also informed that over US$ 250 million have been transferred from SVB to GIFT City banks in the last few days.