India’s Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with Asia’s leading B2B e-commerce platform, Moglix, to launch a manufacturing incubation initiative. The initiative aims to equip growth phase startups with tools, resources, and opportunities to accelerate their progress and drive innovation in the manufacturing sector.
More than 25 new companies will join a twelve months programme in sectors like chemical, automotive, infrastructure as well as green power. DPIIT will support the programme and provide the means to rapidly expand the program across India through the Startup India network, facilitating adoption, resource-sharing, and nationwide outreach.
This MoU with Moglix further specifies DPIIT’s mission as a partner in encouraging innovation and developing the manufacturing sector consistent with Make in India. It will offer startups the opportunity of creating competitive products through collaborations and investment opportunities as well as invest into increasing manufacturing’s share of the GDP and exporting those products to foreign markets. This partnership reflects Moglix’s commitment to strengthening supply chains and addressing the challenges faced by growth stage manufacturing startups.
