DPIIT has reached out to over a hundred large corporates, industry associations and veterans, and unicorns to emphasise the need to establish manufacturing incubators
DPIIT said it is promoting manufacturing incubation through its autonomous institutes to leverage its best facilities
In March, the DPIIT organised India’s largest three-day startup event, the Startup Mahakumbh, in a major push to the India's startup ecosystem
In an effort to boost manufacturing in the Indian startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT) has urged various corporates and unicorns to set up manufacturing-focused incubators.
“Developing a strong manufacturing base is an essential activity for any nation as it promotes innovation and competitiveness, boosts employment, livelihoods and standards of living and strengthens self-reliance and economic stability,” DPIIT said in a statement.
It further claims to have reached out to over a hundred large corporates, industry associations and veterans, and unicorns to emphasise the need to establish manufacturing incubators and the benefits of active collaboration with manufacturing startups.
In March, the DPIIT organised India’s largest three-day startup event, the Startup Mahakumbh. The event, which hosted 10+ thematic pavilions, 392+ speakers, and 48,581+ business visitors, served as a catalyst for the country’s startup ecosystem.
Prior to that, DPIIT joint secretary Sanjiv said that the government body’s thrust would be on manufacturing incubators as well as companies working in the manufacturing sector to launch more incubators and accelerate innovation.
Apart from The Startup Mahakumbh, DPIIT highlighted the initiatives it has so far taken, including the ONDC-Startup Mahotsav, which promotes domestic manufacturing.
DPIIT also said in the statement that it is promoting manufacturing incubation through its autonomous institutes to leverage its best facilities.
It further added that the manufacturing-focused incubators are prime drivers of support for startups as they provide essential pilot, scaling and manufacturing facilities, which can plug and play options to product startups, reducing the burden of high capex investments.
These incubators provide access to shared facilities for startups to support innovative product development and early stage manufacturing, paving the way for growth and scaling up of the ecosystem.
In February, the telecom department launched a Shark Tank-style funding initiative for startups focussed on advanced technologies. The initiative was aimed at fostering India’s tech businesses.
According to Inc42’s report, investor sentiment in the startup ecosystem is increasingly favouring seed-stage investments, a shift from the earlier focus on growth and early stages. Moreover, with over 38% of investors failing to deploy even 50% of the allocated startup investment targets for FY24, the government’s intervention becomes even more vital.
