New Delhi, November 9 (IANS). The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, has signed agreements with over 50 companies to strengthen India’s manufacturing and innovation ecosystem for startups.
The initiative aims to promote innovation, encourage collaboration between large companies and emerging manufacturing startups to develop new products and drive sustainable industrial growth.
According to the government official, DPIIT is actively engaging with corporates, industry associations, unicorns and sector giants to highlight the importance of building manufacturing-focused incubators and the benefits of working closely with early-stage enterprises.
“This is part of a larger effort to boost the startup ecosystem and encourage the industry to support innovation in manufacturing through incubators and partnerships,” the official said.
These collaborations are expected to provide much-needed support to manufacturing startups, who often struggle to access infrastructure, capital and expansion opportunities.
Incubators also serve as an interface between startups and established industries, providing access to market opportunities, risk capital, and advanced technologies. These may be established by corporations, educational institutions or research organizations.
This initiative by DPIIT is seen as an important step towards building a strong and collaborative manufacturing startup ecosystem, which supports India’s broader goal of becoming a global hub of innovation and industrial growth.
DPIIT last month signed an MoU with Thermo Fisher Scientific (TFS) to accelerate innovation in India’s biotechnology sector and nurture a strong pipeline of high-growth startups. The partnership aims to provide support to over 500 biotechnology startups over the next three years through strategic advice, technology access, mentorship and investor connect.
As a part of the MoU, TFS under Startup India will launch Bharat Startup Grand Challenge (BSGC), a DPIIT initiative, Bioverse Challenge, a nationwide platform to identify and nurture India’s most promising biotechnology entrepreneurs, and Bioverse Mentors Circle to provide skill development and technical training in leading bio-incubators.
–IANS
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