3rd June 2024- The Department for Promotion of Industry and Internal Trade (DPIIT) is actively fostering innovation in manufacturing by supporting startups and establishing manufacturing incubators. With rapid industrialization being crucial for economic growth, DPIIT aims to strengthen India’s manufacturing base, promoting competitiveness, employment, and self-reliance.
Through landmark reforms and initiatives, India has witnessed significant diversification in its manufacturing portfolio, emerging as a dynamic hub for innovation-led manufacturing. Startups play a pivotal role in this transformation, contributing to the shift of global value chains to India and enhancing product quality.
DPIIT recently organized events like ‘Startup Mahakumbh’ and ‘ONDC-Startup Mahotsav’ to encourage collaboration between startups and corporates, emphasizing the importance of manufacturing incubators. These incubators provide vital support, including pilot facilities and access to shared resources, enabling startups to scale effectively.
Corporates are also encouraged to set up in-house incubators, leveraging the innovative potential of startups for mutual benefit. Government initiatives like Startup India offer additional support, facilitating the growth of manufacturing startups.
Conclusion
Fostering collaboration between startups and corporates through manufacturing incubators is crucial for India’s self-reliance and global competitiveness in manufacturing. By nurturing innovation and providing necessary support, the ecosystem can contribute significantly to the nation’s development.
Source:Link
