DPIIT and Moglix partnered up to accelerate manufacturing innovation in India

By Staff Report December 4, 2024 5:20 pm

The partnership aims to build a sustainable, innovation-driven manufacturing economy, empower entrepreneurs, and increase India’s manufacturing contribution to GDP.

The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with Moglix, Asia’s leading B2B e-commerce platform, to launch a manufacturing incubation initiative. This collaboration marks a significant milestone in India’s manufacturing journey, supporting the vision of a Viksit Bharat. The initiative aims to equip growth phase startups with tools, resources, and opportunities to accelerate their progress and drive innovation in the manufacturing sector.

The program will support over 25 growth phase startups in industries such as chemicals, automotive, infrastructure, and green energy. These startups will participate in a 12-month program offering access to Moglix’s extensive mentor network, supply chain infrastructure, and financial support via Credlix, its NBFC arm. DPIIT will enhance the program’s reach through the Startup India ecosystem, facilitating adoption, resource-sharing, and nationwide outreach.

Sanjiv Singh, Joint Secretary of DPIIT, remarked, “Startups are catalysts for India’s economic and technological progress. This MoU with Moglix underscores our commitment to fostering innovation, nurturing entrepreneurship, and building a resilient manufacturing ecosystem aligned with India’s vision of self-reliance.”

Rahul Garg, Founder and CEO of Moglix, added, “This collaboration is a transformative step for India’s manufacturing sector. By combining Moglix’s technological expertise with DPIIT’s strategic guidance, we aim to build a sustainable, innovation-driven manufacturing economy that empowers entrepreneurs and aligns with India’s vision of becoming a global manufacturing hub.”

Aligned with the vision of Atmanirbhar Bharat, this initiative will provide startups with collaborations, investment opportunities, and resources to create globally competitive products. It also aims to increase India’s manufacturing contribution to GDP and help startups expand into international markets.

This partnership will strengthen supply chain for Moglix while addressing the challenges faced by growth-stage manufacturing startups. It aligns with India’s national goals of boosting the manufacturing sector’s GDP contribution and positioning the country as a global industrial leader.