DPIIT Partners with Over 50 Firms Including ITC, Flipkart, and Mercedes-Benz to Boost Manufacturing Startups

New Delhi, November 10: The Department for Promotion of Industry and Internal Trade (DPIIT) has announced that it has signed a Memorandum of Understanding (MoUs) with over 50 companies. Key companies include ITC, Flipkart, and Mercedes-Benz. The main aim for the MoUs is to strengthen the ecosystem for startups so that they can improve their innovation and manufacturing. According to DPIIT officials, the department has been actively engaging with large companies, industry experts, veterans, and unicorn startups to highlight how important it is to create manufacturing incubators and a collaboration between emerging startups and established companies.

“This initiative aims to encourage industry participation in nurturing manufacturing-focused startups by developing incubators that provide essential infrastructure and support for innovation,” an official said.

Major Companies Part of the MoUs

DPIIT has signed MoUs with leading companies such as boAT, HDFC Capital Advisors, Hero MotoCorp, Zepto, Kotak Mahindra Bank, Yes Bank, Paytm, Walmart, and Ather Energy, etc.

Why the MoUs?

DPIIT said that it identified that startups that are engaged in manufacturing need support from many stakeholders to increase their growth. Hence, the department will be creating dedicated manufacturing incubators to ensure such startups can find the support they need. This will provide access to pilot production units, prototyping facilities, and design and testing centres.

DPIIT said that entities such as corporates, academic institutions, or research organisations can create these manufacturing incubators. It will help attract more startups that are looking to find support for their growth.

The MoUs are a welcome step for emerging startups, who will now be able to find support at every step and ensure they grow at the level they are targeting.

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