In a bid to enhance the development of indigenous electronic equipment tailored for domestic consumers, the Ministry of Electronics and Information Technology is encouraging local companies and innovators to propose designs for products compatible with mobile phones. These products include affordable power banks, wireless chargers, Bluetooth speakers, and more.
Besides offering cash prizes of up to Rs 25,000 for the best design and prototype, the Ministry plans to assist winners in securing funding to scale production from prototypes to assembly lines, according to an official from the IT Ministry. The focus is on creating high-quality, cost-effective products that cater specifically to Indian needs, addressing issues such as voltage and wattage compatibility.
The design competition represents the latest initiative in a series of awards, incentives, and funds introduced by both the Central government and the IT Ministry to promote startups and bolster local manufacturing.
The IT Ministry aims to showcase the growth of indigenous talent in the mobile manufacturing and allied components sector over the past five years through this design competition. Successful prototypes will be promoted for production within local companies, fostering healthy competition within the industry.
Earlier in January, the government had announced the establishment of a Rs 1,000-crore seed fund, the Startup India Seed Fund, to provide initial capital for the growth and operations of startups. This followed a fund launched in August 2020, which aimed to support 300 startups with seed funding of up to Rs 25 lakh.
In addition to the IT Ministry’s efforts, the Finance Ministry, in collaboration with the IT Ministry’s MyGovIndia platform, has initiated a contest to crowdsource the name, tagline, and logo for the new Development Financial Institution (DFI). Cash prizes of Rs 5 lakh, Rs 3 lakh, and Rs 2 lakh are allocated for the first, second, and third prize categories for the name, tagline, and logo, respectively. The contest, closing on August 15, has already received 1972 applications.
The Development Financial Institution, as announced in the Budget for 2021-22, was established with the passage of the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 in March, with the aim of financing infrastructure and development projects.