The Department for Promotion of Industry and Internal Trade (DPIIT) has entered into a Memorandum of Understanding (MoU) with Moglix, Asia’s leading B2B e-commerce platform, to launch an incubation initiative aimed at driving innovation in India's manufacturing sector. This partnership is a significant step toward supporting India’s vision of a "Viksit Bharat" (developed India) and empowering startups during their growth phase.

The initiative will assist over 25 startups from diverse industries such as chemicals, automotive, infrastructure, and green energy. These startups will participate in a 12-month program, which will provide access to Moglix's extensive mentor network, supply chain infrastructure, and financial backing through Credlix, Moglix’s non-banking financial company (NBFC) arm. DPIIT will enhance the program’s impact by leveraging the Startup India ecosystem, facilitating resource-sharing and broader outreach.

Sanjiv Singh, Joint Secretary of DPIIT, emphasised the importance of startups as key drivers of economic and technological growth. He highlighted that this collaboration aligns with the government’s focus on nurturing innovation and strengthening the manufacturing ecosystem in line with India's self-reliance goals.

Rahul Garg, Founder and CEO of Moglix, described the partnership as transformative for the Indian manufacturing sector. He noted that by combining Moglix’s technological expertise with DPIIT’s strategic support, they aim to foster a sustainable, innovation-driven economy that empowers entrepreneurs and aligns with India’s ambition to become a global manufacturing leader.

This initiative, in line with Atmanirbhar Bharat, aims to equip startups with the necessary tools, investment opportunities, and collaborative resources to develop globally competitive products. The program will also help boost India's manufacturing sector's GDP contribution and facilitate startups' expansion into international markets, reinforcing Moglix's commitment to strengthening supply chains and addressing challenges faced by growth-stage manufacturers.

(CXO Today)