DPIIT Signs MoUs to Strengthen Startup Manufacturing

According to an official, the Department for Promotion of Industry and Internal Trade (DPIIT) has already signed agreements with more than 50 companies, including as ITC, Flipkart, and Mercedes-Benz, to support a manufacturing and innovation environment for startups.

To highlight the value of establishing manufacturing incubators and the advantages of actively collaborating with manufacturing startups, the department has aggressively contacted a number of big corporations, industry groups, veterans, and unicorns.

"So far, the department has inked memorandum of understandings (MoUs) with over 50 firms for this," the official said.

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This is a component of the initiative to assist and collaborate with startups and create manufacturing incubators in order to promote innovation in manufacturing within the startup ecosystem and industry as a whole.

BoAT, HDFC Capital Advisors, Hero Moto, Zepto, Kotak Mahindra Bank, Yes Bank, Paytm, Walmart, and Ather Energy are among the companies that have signed these Memorandums of Understanding with the DPIIT.

The activity is crucial since manufacturing startups need the assistance of multiple ecosystem stakeholders in order to expand and scale.

Because they offer crucial pilot, scaling, and manufacturing facilities that can give product firms plug-and-play alternatives and lessen the burden of high-capex investments, manufacturing-focused incubators are among the most significant sources of support for entrepreneurs.