In 2024, the Department for Promotion of Industry and Internal Trade (DPIIT), achieved a range of milestones. These range from Production Linked Incentive (PLI) schemes to boosting startup ecosystems, streamlining logistics, and enhancing FDI inflows.
The DPIIT said that all these achievements played a pivotal role in building a self-reliant and globally competitive India.
Highlighting the significance of the PLI schemes, the DPIIT said that keeping in view India’s vision of becoming ‘Atmanirbhar’, PLI Schemes for 14 key sectors have been announced with an outlay of Rs 1.97 lakh crore (over USD 26 billion) to enhance India’s Manufacturing capabilities and Exports.
In the year itself, DPIIT has introduced the logistics-related courses in 115 Universities, and MoU was signed with Gati Shakti Vishwavidyalaya. The 6th edition of Logistics Ease Across Different States (LEADS) report will be released in December 2024.
In line with National Logistics Policy 2022, an inter-ministerial consultative group constituted for resolving systemic issues related to the logistics sector, DPIIT said.
In terms of National Logistics Policy 2022, sector-specific plans to bring logistics efficiency are being prepared. Sectoral Plan for Efficient Logistics (SPEL) for (coal) and (cement) sector have been finalised. SPEL for Food and Public Distribution, Food Processing Industry, Pharma, Fertilizers, and Steel sector are under preparation.
It said that in FY 2023-24, over 98 per cent of FDI equity inflow was received through this route. The Government Route requires prior approval from the respective sector ministries or departments via FIFP and applies to investments in notified sectors or activities, as well as investments from countries sharing land borders with India.
From 2000 to 2024, a total FDI inflow of USD 991 billion was recorded, with 67 per cent (USD 667 billion) received during the last ten financial years (2014-2024), it said.
In the first quarter of FY 2024-25, FDI inflow reached USD 22.5 billion, a 26 per cent increase compared to USD 17.8 billion in the first quarter of FY 2023-24.
It further said that as part of Reducing Compliance Burden exercise India has already reduced 42,028 compliances, with 2,875 under review and 7,204 retained compliances being monitored.
Of the total identification, 93 per cent was achieved in 2021-22, 5 per cent in 2023, and 2 per cent in 2024, as of September 26, 2024.