Department for Promotion of Industry and Internal Trade (DPIIT) and Moglix have lately partnered to boost India’s manufacturing startups. The collaboration promises to provide a 12-month incubation program for more than 25 startups in various sectors including chemicals, automotive, infrastructure and green energy.
The initiative stand out for comprehensive support that it offers. Startups are to gain access to the mentor network, supply chain infrastructure and financial backing of Moglix through its NBFC arm Credlix. The involvement of DPIIT through the Startup India ecosystem ensures that the startups are to receive national-level outreach and support. Combining industry expertise of Moglix with strategic push of DPIIT seems like a win-win for startups which are looking to grow and scale.
Moglix CEO Rahul Garg called the partnership as a transformative step for the manufacturing sector. The kind of collaboration is important with India aspiring to become self-reliant and a global manufacturing leader.
A surge in initiatives supporting startups is being witnessed. There is clearly a growing recognition of the role startups play in driving the economy like from KRAFTON India’s gaming incubator to new efforts in regions like Jammu & Kashmir.
The promise of DPIIT-Moglix collaboration is exciting and the real test lies in execution. The startups are to receive required support to overcome challenges like funding gaps, market competition and scaling operations.
India’s startup ecosystem is already making waves internationally equipped with more than $154 billion in funding raised since 2014 and 118 unicorns to show for it. The new focus on manufacturing startups could bring much-needed diversity to the ecosystem.
The partnership could empower manufacturing startups and also strengthen India’s position as a global innovation hub. The future of Indian manufacturing might just be taking shape here.
