8MARCH, 2O25DPIIT, PAYTM PARTNER TO FOSTER INNOVATION IN FINTECH AND MANUFACTURINGLENOVO TO MANUFACTURE AI PCS IN INDIA AMID DIVERSIFICATION EFFORTSThe Department for Promotion of Industry and Internal Trade of Government of India has announced forging of partnership with One97 Communications Limited, the parent company of Paytm, through a first-of-its-kind Memorandum of Understanding to foster innovation and accelerate growth for the manufacturing and fintech startup sectors in India.This collaboration aims to provide comprehensive support to startups through mentorship programs, infrastructure assistance, market access opportunities, and connections to funding. It will equip entrepreneurs with the right resources to develop advanced solutions in the fields of payment and financial technology.The partnership will prioritize support for fintech hardware-based startups through specialized mentorship, regulatory assistance, workshops with industry and governments, and access to the market through Paytm's vast merchant network. Such mentorship and access will enormously benefit startups in their experimentation, development, and scaling of products.The agreement was signed by Dr. Sumeet Kumar Jarangal, Director, DPIIT, and Vijay Shekhar Sharma, Founder & CEO of Paytm, with senior officials from both organizations present. During the media interaction, joint secretary DPIIT Sanjiv said that this partnership intends to work toward strengthening India's startup ecosystem and provide substantial assistance to entrepreneurs looking at scaling up their ventures.With a commitment toward empowering startup entrepreneurs with mentorship, funding, and technology, Vijay Shekhar Sharma expressed excitement about the collaboration and narrated the benefits available for startups under the featured climate being fostered by Prime Minister Modi.The company will run targeted programs as part of its Paytm for Startups initiative for support concerning fintech hardware manufacturers such as those developing Soundbox and PoS/EDC devices. Under the plan, participants will receive structured mentorship, connections with investors, and regulatory support.The company has also engaged deeply in nurturing deep-tech start-ups through the Paytm Foundation in areas like Climate Tech, Web3, Agritech, and Mobility.Through this partnership, DPIIT and Paytm are firmly committed to working towards making India a global innovation hub to get the technological development targeting the economic growth through sustainable means. Lenovo aims to produce AI-powered PCs in India this year, highlighting its efforts to expand and diversify its supply chain in the world's fastest-growing major economy."It's in the early stages, but we need to first comply with the local government policy," said Ivan Cheung, Vice President & Chief Operating Officer, Asia Pacific, Lenovo (AP) to Indian Express at an event in Yokohama, Japan. "We need to focus on manufacturing and serving the Indian demand first before expanding the plant and manufacturing capability."The world's largest PC maker already produces some of its commercial PCs in India at a facility in Puducherry, while contract manufacturer Dixon assembles Motorola smartphones. However, Lenovo is now looking to manufacture advanced AI-powered PCs in the country, aiming to expand its local production footprint and leverage the government's production-linked incentive scheme."Besides just manufacturing for India, we are also looking to leverage India as a manufacturing hub. For smartphones, we are already doing this; we manufacture smartphones in India and export them to North America. For PCs, we also have a similar plan, leveraging India as part of our diversification strategy," Cheung added.Cheung declined to reveal whether the company plans to manufacture entry-level AI PCs or premium ones but mentioned that they are looking at high volumes. "I think it will be quite comprehensive, and the expectation for us to meet the new manufacturing requirements is quite high. The volume will be substantial, and I would say across both commercial and consumer products as well." TOP STORIES
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