NEW DELHI: In a significant development to further promote entrepreneurship and innovation in a big way, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, has entered into a strategic partnership with ITC Ltd, one of India’s leading diversified conglomerates.

This collaboration charts a shared vision to accelerate startup growth and technological advancement besides creation of viable market opportunities for startups across the country.

Notably, the memorandum of understanding (MoU) sets the tone for a dynamic partnership where ITC’s vast experience and expertise with extensive market network will complement 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, energy storage systems, etc, the ministry said in a statement on Wednesday.

Highlighting this pro-startup initiative, Joint Secretary, DPIIT, Sanjiv said that it aligns closely with the Government of India’s flagship programs, 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 foster scalable solutions and transformative growth to ensure conducive environment for startups,” added Sanjiv.

Anil Rajput, President, ITC Corporate Affairs, 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 to expand ITCs sustainable."