(MENAFN- IANS) New Delhi, Jan 15 (IANS) The Centre's Department for Promotion of industry and Internal Trade (DPIIT) has entered into a strategic partnership with ITC Ltd to promote entrepreneurship and innovation in the country's startup ecosystem, according to an official statement issued on Wednesday.
This collaboration charts a shared vision to accelerate startup growth and technological advancement besides creation of viable market opportunities for startups across the country, the statement said.
The Memorandum of Understanding (MoU) paves the way for a partnership where ITC's vast experience and expertise with its extensive market network will complement the DPIIT's initiative for supporting startups across the country.
Under this partnership, ITC is looking to deploy startup solutions in key areas such as digital platforms for Manufacturing Execution Systems (MES), integrating renewable energy opportunities for manufacturing locations and energy storage systems.
Joint Secretary, DPIIT, Sanjiv said that the initiative aligns closely with the Government of India's flagship programmes, including Startup India, Make in India, and AatmaNirbhar Bharat. Moreover, it is also a key step in contributing to Vision 2047 by promoting inclusive and sustainable growth through innovation-led entrepreneurship.“We look forward to fostering scalable solutions and transformative growth to ensure a conducive environment for Startups," he added.
ITC Corporate Affairs president Anil Rajput said: "The MoU will create value for both the startups and ITC. It will focus on digital for increased future-ready and operational excellence in manufacturing, and in the area of renewable energy."
The total number of registered startups in India has surged to 1,57,066 from around 400 in 2016, when the Startup India initiative was launched, with investment in these new ventures jumping to $115 billion, from $8 billion in this 9-year period, according to DPIIT data.
These startups have created over 1.6 million jobs across the country, demonstrating their role as significant employment generators. Besides, there are more than 73,000 startups with at least one woman director that have been recognised under the Startup India Initiative. This represents nearly half of the 1,57,066 startups supported by the government, showcasing the crucial role women play in driving innovation and economic growth, according to an official statement.
India has now emerged as one of the most vibrant startup ecosystems globally, earning its place as the 3rd largest startup hub with over 100+ unicorns which are worth at least a billion dollars.
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