Mapping India's Startup Incubators & Textile Regions: Govt Unveils New Initiative
04 May 2023, Mumbai
The Indian government is gearing up to map out key areas across the country using the Gati Shakti-National Master Plan. These areas include startup incubators, beneficiaries of production-linked incentive schemes, mega integrated textile regions and apparel parks, and fair price shops. This mapping exercise is expected to aid data consistency, better planning, and prevent time and cost overruns for infrastructure projects.
The mapping of startup incubators is particularly noteworthy as India has the world's third-largest startup ecosystem, boasting over 50,000 startups in the country as of 2020. Meanwhile, the production-linked incentive (PLI) scheme is poised to enhance the growth of various industries in India, including textiles, by providing incentives to companies for incremental sales.
The Gati Shakti-National Master Plan represents a crucial step towards developing integrated infrastructure in India, which is crucial for the country's economic growth. According to a report by the Confederation of Indian Industry, India's logistics costs currently account for around 13-14% of the country's GDP, while the global average is around 8-10%. Through the mapping of key areas and the development of integrated infrastructure, the government hopes to reduce logistics costs and improve the overall competitiveness of Indian industries.
The mapping exercise has integrated approximately 20 ministries and 36 states and union territories, and has already mapped out 200 projects at the state level.
This initiative is expected to play a vital role in driving India's infrastructure development and positioning the country as a global leader in various industries.
