The Department for Promotion of Industry and Internal Trade (DPIIT) is undertaking various initiatives to encourage innovation in the manufacturing sector. As part of its Manufacturing Incubator Initiative, announced in April 2024, DPIIT has signed a Memorandum of Understanding (MoU) with the Marathwada Accelerator for Growth and Incubation Council (MAGIC) to open new incubation opportunities for manufacturing-focused startups in India.
This MoU has been signed with a select few institutions across the country, and MAGIC’s inclusion reflects the initiative’s focus on fostering innovation across India. The tagline for this initiative is ‘Build Bharat with Startup India.’ A robust manufacturing sector and supply chain are crucial to positioning any nation as an export-led economy. Building a strong manufacturing base is essential, as it drives innovation, boosts employment, enhances quality of life, and strengthens the vision for a self-reliant and economically stable India.
Manufacturing startups are vital to accelerating India's economy, yet they often encounter challenges such as high setup costs and infrastructure limitations. MAGIC’s selection in DPIIT’s initiative will allow startups to access plug-and-play facilities, prototyping labs, pilot production facilities, and technology management support, MAGIC’s Executive Director, Kedar Deshpande, explained.
MAGIC’s Director, Maithili Tambolkar, stated that DPIIT is actively working to promote the startup ecosystem and broader industry by fostering collaboration with startups and supporting manufacturing incubators. "Through this partnership, MAGIC is committed to creating a robust and empowering ecosystem for manufacturing startups," Tambolkar emphasized.
