Perspectives
The main accomplishments of the Indian department for the development of industry and internal commerce this year were the construction of more than 1,300 manufacturing units under the PLI scheme, the simplification of logistics, increased FDI inflows, and success connected to the PLI scheme. In September, the Open Network for Digital Commerce received 12.8 million orders, bringing the total number of orders to date to 113.4 million.
Among the major accomplishments of the Indian Department for Promotion of Industry and Internal Trade (DPIIT) this year were the establishment of more than 1,300 manufacturing units under the production-linked incentive (PLI) scheme, enhanced foreign direct investment (FDI) inflows, streamlined logistics, and success with the PLI scheme to support the start-up ecosystem.
According to an official statement, the department’s major projects and accomplishments during the year included the following:
1.In addition to creating 950,000 employment, the PLI initiative brought in ₹1.46 lakh crore ($17 billion) in investment, ₹12.5 lakh crore ($146 billion) in output, and ₹4 lakh crore ($46.7 billion) in exports. The total amount of incentives paid out to fiscal 2023–2024 was ₹9,721 crore ($1.13 billion).
2.37 digital systems or portals pertaining to logistics were connected across 10 ministries and departments in order to simplify operations in the logistics industry. India’s containerised export-import cargo is being tracked and traced. 115 universities started offering courses on logistics.
3.FDI inflows totalled $991 billion between 2000 and 2024, of which $667 billion, or 67%, came in the past 10 fiscal years. From $98 billion between 2004 and 2014 to $165 billion between 2014 and 2024, the manufacturing sector had a 69% rise in FDI equity inflow.
3.The first quarter of fiscal 2024–25 had $22.5 billion in foreign direct investment (FDI) inflow, a 26% year-over-year (YoY) increase.
4.The Business Reforms Action Plan (BRAP) 2024 framework, consisting of 344 reforms (57 central and 287 state-level), was circulated to states and ministries.
5.With 12.8 million orders in September 2024 and 113.4 million orders to far, the Open Network for Digital Commerce (ONDC) has seen remarkable growth. There are 115 active network users at the moment. ONDC has a network of 7.01 lakh vendors and service providers and operates in more than 1,100 cities.
6.On March 9, 2024, the Uttar Purva Transformative Industrialisation Scheme for the Northeast was announced. It would be in effect for ten years, after which there will be an extra eight years to complete promised commitments. Capital investment incentives, central capital interest subvention incentives, and services-linked incentives (MSLI) are the three types of incentives that will be offered under the scheme to both new and existing industrial units.
7.Under the National Industrial Corridor Development Project, twelve greenfield infrastructure projects totalling ₹28,602 crore ($3.336 billion) were started, opening up ₹1.5 lakh crore ($17.51 billion) in investment potential and 940,000 potential employment.