As India marches towards its goal of EV30@30, the startup is well poised to leverage the burgeoning market. What has further helped is the government incentives and emergence of EV startups that have pushed the space and scaled up EV penetration in the country. While the Centre has slashed GST on all types of lithium-ion batteries, the space has its own set of challenges. Lack of availability of raw materials and skilled labour in the industry is a major constraint for the growth of EV battery segment in India. Indian startups and the government have been collaborating to expand financial inclusion in the country in various ways. Here are some examples:
Digital Payment Platforms: The Indian government’s push towards a cashless economy has led to the growth of digital payment platforms like Paytm, PhonePe, Google Pay, and others. These platforms have made it easier for people to make payments and transactions without having to rely on cash.
Jan Dhan Yojana: The Indian government’s Jan Dhan Yojana is a scheme that aims to provide basic banking services to every household in the country. It has been successful in bringing millions of people under the formal banking system and promoting financial inclusion.
Aadhaar-Based Authentication: The Indian government’s Aadhaar program has provided a unique identification number to every citizen in the country. This has made it easier for people to open bank accounts and access other financial services.
Fintech Startups: Fintech startups in India are leveraging technology to provide financial services to underserved segments of the population. These startups are using innovative business models to offer loans, insurance, and other financial services to people who may not have access to traditional banking services.
Collaboration Between Banks and Fintech Startups: Banks in India are partnering with fintech startups to expand their reach and offer new services to their customers. These collaborations have led to the development of new products and services that are aimed at promoting financial inclusion.
Overall, the collaboration between Indian startups and the government has led to significant progress in expanding financial inclusion in the country. However, there is still a long way to go, and more needs to be done to ensure that everyone has access to basic financial services.