RT team
The Department for Promotion of Industry and Internal Trade (DPIIT) is actively encouraging top corporations and unicorns to create incubators for manufacturing startups in India. Esteemed organizations like Apple, Tata Group, Hyundai, and unicorns such as boAT and Meesho have been approached to participate in this initiative. The DPIIT has provided these companies with a comprehensive blueprint on setting up these incubators, which also includes the possibility of government funding.
Sources involved in the initiative noted the current shortage of manufacturing incubators in India, which led to the government’s outreach. While no specific funding has been allocated yet for this project, there is potential for future financial support.
The benefits outlined for participating corporations include gaining competitive advantages and expanding customer bases through technology transfers from the incubated startups. The memo also describes various funding avenues for corporate incubators, including government support programs, collaborations with academic institutions, or the utilization of corporate social responsibility funds under the Companies Act.
This initiative is part of a broader government effort to enhance the manufacturing sector’s contribution to the national economy, which has been stagnant at around 15 percent. The government has introduced production-linked incentive schemes across 14 sectors, totaling an outlay of Rs 1.97 lakh crore.
Additionally, multiple government departments and ministries are supporting the incubation ecosystem, reflecting the government’s commitment to strengthening the startup landscape and enhancing India’s global manufacturing stature.
