Cement manufacturer Shree Cement on Tuesday said it has signed a memorandum of understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT) to support manufacturing startups. Under the MoU, Shree Cement said it aims to support product startups by offering infrastructure, mentorship, access to funding, and market connections, guiding them from prototype development to potential international expansion.
Speaking on the partnership, Neeraj Akhoury, MD, Shree Cement said the partnership will play an important role in promoting self-reliance through domestic manufacturing and import substitution.
“By empowering start-ups, we aim to create a stronger, more competitive ecosystem that drives economic growth and progress in India,” said Akhoury.
Sumeet Jarangal, Director, DPIIT said the partnership between Shree Cement and DPIIT will lay the foundation for a brighter future for early-stage manufacturing startups and is a strong step in making India a manufacturing hub in the Cement sector.
According to a report Unicorn 2.0: Adding the Next Trillion by CII released in March this year, manufacturing startups are likely to add $140-160 billion to India’s GDP from $3-4 billion in FY23. Moreover, manufacturing is one of the key sectors driving domestic consumption.
Importantly, Make in India has been a key initiative of the government in transforming India into a global manufacturing hub supported by major programs like Production Linked Incentive (PLI) Schemes, PM GatiShakti, the National Logistics Policy, etc.
According to the government, in its last 10-year tenure, FDI equity inflows into the manufacturing sector reached $165.1 billion, marking a 69 per cent increase compared to the previous decade which saw inflows of $97.7 billion. Moreover, the total employment in the manufacturing sector increased from 57 million in 2017-18 to 64.4 million in 2022-23, according to the data from the Commerce Ministry.