One of the biggest challenges faced by the start-up ecosystem in India is lack of proper corporate investments, said Amardeep Singh Bhatia, secretary, Department for Promotion of Industry and Internal Trade (DPIIT) on Wednesday. However, the government has been pushing the corporate and even signed MoUs with several companies to have better investment.
“We are working on the major challenge -- getting some corporate to deepen their partnership with start-ups. So that is something we are pushing for; it is work in progress. There are instruments in place, that is something which we are actively, the entire government is working on ensuring that innovation is deepened, innovation is much deeper,” said Bhatia.
As confirmed by the Ministry of Commerce, DPIIT has been pushing the corporate to get more involved with the start-ups so that they can innovate and build products for the big corporates. While the Ministry is taking measures to ensure more investment from both domestic and international corporate, there has been an inflow of around $51 billion in the last six months.
DPIIT is currently focusing on enhancing the manufacturing capacity through various means. “It is not only access to the domestic market but also access to global supply chains,” added Bhatia. To ensure more foreign corporate to come and invest in the start-up sector, DPIIT is taking several measures “to provide an environment which is conducive for investment.”
The government will continue to prioritise deep tech to boost manufacturing by enabling greater access to the domestic market, the DPIIT said. Alongside ₹1 lakh crore in direct R&D funding, DPIIT expects private capital and support from other schemes, noting strong investor interest in long-term, patient funding for Indian start-ups.