The Department for Promotion of Industry and Internal Trade (DPIIT) in India achieved significant milestones in 2024 driven by the success of the Production-Linked Incentive (PLI) scheme advancements in logistics and a surge in foreign direct investment (FDI). These initiatives have strengthened India’s manufacturing ecosystem, fostered economic growth, and created substantial employment opportunities.
Key Achievements of DPIIT in 2024:
- Production-Linked Incentive (PLI) Scheme:
- Over 1300 manufacturing units were established under the PLI scheme in 2024.
- The scheme attracted investments totaling ₹1.46 lakh crore ($17 billion) spurred production worth ₹12.5 lakh crore ($146 billion) and facilitated exports of ₹4 lakh crore ($46.7 billion).
- It generated 950,000 new jobs and ₹9721 crore ($1.13 billion) in incentives were disbursed by the end of fiscal 2023-24.
- Streamlined Logistics Sector:
- Integration of 37 digital systems across 10 ministries and departments has improved tracking and tracing of containerized export-import cargo.
- Logistics courses were introduced in 115 universities to build a skilled workforce.
- Foreign Direct Investment (FDI):
- Cumulative FDI inflows from 2000 to 2024 reached $991 billion with 67% ($667 billion) recorded in the last decade.
- FDI in manufacturing surged by 69% rising from $98 billion (2004-2014) to $165 billion (2014-2024).
- In Q1 of fiscal 2024-25 FDI inflow grew by 26% YoY to $22.5 billion.
- Ease of Doing Business:
- DPIIT launched the Business Reforms Action Plan (BRAP) 2024 comprising 344 reforms—57 at the central level and 287 at the state level.
- Open Network for Digital Commerce (ONDC):
- ONDC recorded 12.8 million orders in September 2024 alone with a cumulative total of 113.4 million orders.
- The network operates in over 1100 cities, hosting 7.01 lakh sellers and service providers, and has onboarded 115 active participants.
- Northeast Industrial Development:
- The Uttar Purva Transformative Industrialization Scheme launched in March 2024 aims to incentivize new and existing industrial units in the Northeast region over 10 years with provisions for extended commitments.
- Greenfield Infrastructure Projects:
- Twelve greenfield projects worth ₹28602 crore ($3.336 billion) were initiated under the National Industrial Corridor Development Project. These projects are projected to unlock ₹1.5 lakh crore ($17.51 billion) in investment potential and create 940000 jobs.
Impact of DPIIT’s Initiatives:
The strides made in 2024 reflect a transformative year for India’s industrial and economic landscape. Key government initiatives including the PLI scheme and ONDC are enhancing India’s global manufacturing competitiveness. Infrastructure projects and streamlined logistics are reducing operational bottlenecks while robust FDI inflows signify growing investor confidence.
By aligning these efforts with strategic reforms India continues to position itself as a global manufacturing powerhouse and a preferred destination for industrial investments.
