The Department for Promotion of Industry and Internal Trade (DPIIT) has embarked on a mission to invigorate manufacturing within India’s startup ecosystem, calling upon corporates and unicorns to establish manufacturing-focused incubators.
Highlighting the significance of nurturing a robust manufacturing base, DPIIT emphasized its pivotal role in fostering innovation, enhancing competitiveness, generating employment opportunities, and bolstering economic stability. In a statement, DPIIT underscored the need for active collaboration between large corporates, industry associations, veterans, and unicorns to spearhead the establishment of manufacturing incubators.
The outreach efforts of DPIIT extend beyond mere communication; the department has engaged with over a hundred stakeholders to underscore the importance of manufacturing incubators and elucidate the manifold benefits of fostering collaboration with manufacturing startups.
This initiative follows DPIIT’s successful organization of India’s largest three-day startup event, the Startup Mahakumbh, in March. With 10+ thematic pavilions, 392+ speakers, and 48,581+ business visitors, the event served as a catalyst for galvanizing the startup ecosystem, setting the stage for collaborative endeavors and innovation-driven growth.
Sanjiv, joint secretary of DPIIT, reiterated the department’s focus on manufacturing incubators and its commitment to empowering companies in the manufacturing sector to launch more incubators, thereby accelerating innovation and fostering entrepreneurship.
DPIIT’s proactive approach towards promoting manufacturing incubation is underscored by initiatives such as the ONDC-Startup Mahotsav, aimed at bolstering domestic manufacturing. Additionally, DPIIT highlighted its collaboration with autonomous institutes to leverage state-of-the-art facilities and promote manufacturing incubation.
Manufacturing-focused incubators play a pivotal role in nurturing startups by providing essential pilot, scaling, and manufacturing facilities, thereby mitigating the barriers to entry and fostering an ecosystem conducive to innovation and growth.
The telecom department’s Shark Tank-style funding initiative for startups focused on advanced technologies, launched in February, reflects the government’s commitment to fostering India’s tech businesses and propelling innovation across sectors.
In a dynamic startup landscape where investor sentiment increasingly favors seed-stage investments, government intervention assumes greater significance. With over 38% of investors failing to deploy even 50% of allocated startup investment targets for FY24, DPIIT’s initiatives to promote manufacturing incubation emerge as crucial drivers of growth and innovation within the startup ecosystem.
