Department for Promotion of Industry and Internal Trade (DPIIT) spearheads initiative to support manufacturing sector startups.
In a bid to foster innovation and entrepreneurship in the manufacturing sector, the government has called upon over a hundred corporates, industry associations, and unicorns to establish incubation centers, announced the Department for Promotion of Industry and Internal Trade (DPIIT) on Friday.
According to a statement released by DPIIT, the department has actively engaged with large corporates, industry associations, and prominent unicorns, emphasizing the significance of setting up manufacturing incubators and fostering collaboration with manufacturing startups.
Manufacturing-focused incubators play a pivotal role in supporting startups by offering essential pilot, scaling, and manufacturing facilities. These centers provide plug-and-play options to product startups, thereby reducing the financial burden of high capital expenditure investments.
The National Council for Cement and Building Materials has already established a center, setting a precedent for other entities to follow suit.
“These incubators serve as a crucial interface between startups and medium to large-scale companies, providing access to pilot facilities for manufacturing, test beds, prototyping facilities, design centers, and facilitation for technology management, market access, and risk capital,” highlighted the DPIIT statement.
Entities meeting the eligibility criteria can explore the benefits offered by government initiatives such as the Startup India initiative, Atal Incubation Centers (AICs), National Initiative for Developing and Harnessing Innovations (NIDHI), Technology Incubation and Development of Entrepreneurs (TIDE), Biotechnology Industry Research Assistance Council (BIRAC), and Innovations for Defence Excellence (iDEX).
The government’s proactive approach underscores its commitment to nurturing the startup ecosystem and driving innovation-led growth in the manufacturing sector.
