Move to boost startups in the segment by ensuring financial and non-financial support
The Department for Promotion of Industry and Internal Trade (DPIIT) identified 259 tenders as non-compliant with the public procurement norms in 2024, Parliament was informed on Friday. Minister of State for Commerce and Industry Jitin Prasada in a written reply to the Rajya Sabha said it has been observed that procuring entities are not stipulating the applicability of the Public Procurement (Preference to Make in India) Order in tenders, which is the most significant factor contributing to non-compliance. "In 2024, DPIIT scrutinised 867 tenders, on a random basis, of these 259 tenders were found to be non-compliant with the provisions of Public Procurement (Preference to Make in India) Order, 2017," he said. The reasons for non-compliance of these tenders include mention of specific brands, incorporation of excessive turnover criteria, global tender enquiry floated without prior approval of the competent authority, not following nodal ministry's notification and mandatory ...
DPIIT will soon spell out the data sharing norms of the GatiShakti national masterplan with the private sector
DPIIT asks ministries to submit inputs within 30 days of application
The partnership aims to address hiring challenges and create job opportunities for young individuals while strengthening the startup ecosystem
The Department for Promotion of Industry and Internal Trade (DPIIT) on Wednesday held consultations with pension funds, private equity and venture capitals on ways to attract more foreign direct investments into the country, an official said. The meeting was second in the line. Last week, the department held discussions with stakeholders, including law firms and industry chambers, on the matter. In that meeting, the issues being flagged by law firms included permitting e-commerce players to allow foreign direct investment (FDI) in inventory-based models of online trade for export purposes only; easing press note 3 by defining beneficial ownership; and some tweaking the policy for single-brand retail trading. Under this press note, government approval is mandatory for investors from countries sharing land borders with India in any sector. FDI inflows into India have crossed the USD 1 trillion milestone in the April 2000-September 2024 period. The key sectors attracting the maximum
The Department for Promotion of Industry and Internal Trade (DPIIT) on Wednesday said it has entered into a strategic partnership with ITC Ltd to help startups in the manufacturing sector. "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," the department said. It added that a Memorandum of Understanding (MoU) has been signed which will set the tone for a partnership where ITC's experience and expertise with extensive market network will complement DPIIT's initiative for supporting startups across the country. DPIIT Joint Secretary Sanjiv said, "We look forward to fostering scalable solutions and transformative growth to ensure a conducive environment for startups." Startup India Director Sumeet Kumar Jarangal said this would help provide hassle-free market access to startups in terms o
The meeting saw the participation of more than 70 AIFs, with discussions focused on capital mobilisation and promoting funding for startups in smaller cities
The Department for Promotion of Industry and Internal Trade (DPIIT) is holding a meeting with alternate investment funds (AIFs) here to discuss ways to promote funding for startups in the country, an official said. The official added that as many as 75 AIFs are expected to participate in the deliberations. Issues like capital mobilisation and promoting funding for startups in smaller cities will be discussed during the meeting, the official added. Under the Centre's Fund of Funds Scheme (FFS), support is extended to Sebi-registered AIFs, which in turn invest in startups. FFS was announced with a corpus of Rs 10,000 crore. The corpus is to be built up over the 14th and 15th Finance Commission Cycles (2016-2020 and 2021-2025) through budgetary support by the DPIIT. Another official said that these AIFs have committed to invest Rs 80,000 crore in startups and they have already pumped in Rs 20,000 crore so far. Among the prominent AIFs of leading startup investment firms supported un
The industry associations and legal players have been asked to submit their responses in the next two to three days on how to ease the norms
The Department for Promotion of Industry and Internal Trade (DPIIT) on Saturday said it has joined hands with venture debt firm Stride Ventures to support high growth potential startups in their funding requirements. It said this collaboration will be instrumental in creating enormous opportunities for startups by integrating financial support with strategic mentorship and market access. Highlighting the macroeconomic impact of this collaboration, Joint Secretary in DPIIT Sanjiv said Stride Ventures will curate dedicated programmes and collaborate on engagements like the Bharat Grand Challenge to promote entrepreneurship, innovation, and investment. Ishpreet Singh Gandhi, Founder and Managing Partner, Stride Ventures, said "this partnership, coupled with our billion-dollar commitment to nurturing startups, reaffirms our resolve to strengthen India's startup ecosystem". The department said Stride Ventures will give thrust "on identifying startups with high growth potential, offering
Gujarat, Karnataka, Maharashtra, Odisha, Tamil Nadu and Delhi are among the 13 states and Union Territories that have been categorised as "achievers" in the logistics index chart 2024, according to a report released by the Commerce and Industry Ministry on Friday. The index is an indicator of the efficiency of logistical services necessary for promoting exports and economic growth. In 2023 also, 13 states and UTs were in the achievers category. The other states and UTs in the "achievers" category are Chandigarh, Haryana, Telangana, Uttar Pradesh, Uttarakhand, Assam, and Arunachal Pradesh Andhra Pradesh, Goa, Bihar, Himachal Pradesh, Madhya Pradesh, Punjab, Rajasthan, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Dadra and Nagar Haveli and Daman and Diu, Jammu and Kashmir, Lakshadweep, Puducherry, have been categorised as "fast movers" in the report. Those in the "aspirers" category include Kerala, West Bengal, Chhattisgarh, Jharkhand, Andaman and Nicobar Islands, and Ladakh. The
A highlight of this partnership is the upcoming SPF Startup Baithak, a flagship event scheduled to take place on January 15-16, 2025, at Bharat Mandapam
RCap subsidiaries to get listed by mid-2026, 2027
India's cumulative FDI inflows have crossed $1 trillion since 2000, with Mauritius leading the pack, followed by Singapore, highlighting the country's growing appeal as a global investment hub
Says it's on track to reach $20 bn goal in exports by 2025
B2B e-commerce platform Moglix on Wednesday said it has signed an initial pact with the Department for Promotion of Industry and Internal Trade (DPIIT) for manufacturing incubation programme. The initiative aims to equip growth phase startups with tools, resources, and opportunities to accelerate their progress and drive innovation in the manufacturing sector, Moglix said. The programme will support over 25 growth phase startups in industries such as chemicals, automotive infrastructure and green energy, Moglix said. These startups will participate in the 12-month manufacturing incubation programme offering access to Moglix's extensive mentor network, supply chain infrastructure, and financial support via its NBFC arm Credlix, it said. "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 ...
The Department for Promotion of Industry and Internal Trade (DPIIT) has given a go-ahead to Hinduja Group firm IIHL for acquisition of debt-ridden Reliance Capital Ltd (RCAP), sources said. DPIIT approval was required as some of the shareholders of IndusInd International Holdings Ltd (IIHL) are residents of Hong Kong, a special administrative region controlled by China. According to Press Note 3, if an entity from a nation sharing a land border with India (China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan), or if a citizen or permanent resident of any such country is the beneficial owner of an investment in India, they are required to pursue investment through the government approval route. According to sources, the green signal from the DPIIT will help take forward the resolution plan submitted by Mauritius-based IIHL, which emerged as the successful bidder by submitting Rs 9,861-crore bid for the debt-ridden financial firm. The NCLT Mumbai on February 27, 2024,
DPIIT Secretary Amardeep Singh Bhatia on Thursday said the government's focus on FDI liberalisation, smart industrial townships, and sector-specific parks, especially in Tier 2 and 3 cities, is contributing to India's industrialisation. He was speaking at a panel discussion at the 97th AGM and annual convention of FICCI. He also emphasised that the Department for Promotion of Industry and Internal Trade (DPIIT) is creating a conducive ecosystem for industrial development, with support from various ministries. Initiatives like the National Industrial Corridor Program, Production Linked Incentive (PLI) scheme, and the ease of doing business reforms have facilitated industrial growth, Bhatia said. Kamran Rizvi, Secretary in the Ministry of Heavy Industries, who also participated in the discussion, emphasised the rapid pace of change driven by electrification and the need for industries to adapt to this shift. He highlighted how the Ministry of Heavy Industries is playing an active ro
Thakur noted that the plan aligns with the government's Ease of Doing Business (EoDB) agenda and India's goal of achieving carbon Net Zero by 2070