Highlights of year end review 2023: DPIIT

Highlights of year end review 2023: DPIIT

The Department for Promotion of Industry and Internal Trade has released its year end review for the fiscal year of 2023. In this review DPIIT has highlighted the achievements and data of major initiatives implemented by the Department For Promotion of Industry and Internal Trade.

In this article we are going to cover some major and important highlights of the DPIIT with respect to the banking examination.

Production Linked Incentive Schemes:

Production Linked Incentive Schemes were announced by the government of India for 14 key sectors with a total outlay of 1.97 lakh crore to increase the capability of manufactured and export of India.

A total of 746 applications have been selected and approved under the PLI scheme till November 2023. More than 150 districts across the country have PLI units. Around 2900 crore have been disbursed as the Incentives in FY23.

India has also become self dependent in Athene, CPE( Customer Premises Equipment) and GPON( Gigabit Passive Optical Network). All drone sector related MSMEs have witnessed 7 times rise in the turnover.

Startup India Initiative:

Startup India Initiative launched by the PM Narendra Modi on 16th January 2016. Around 114000 startups have been recognised by the government under the Startup India Initiative and thus created more than 12 lakh jobs and this is the milestone for the Programme.

Under the fund of Funds for startups India initiative there are around 17,272 crore has been invested by Alternative Investment Funds. Around 747 crore has been disbursed under Startup India Seed Fund Scheme.

Government has also implemented Credit Guarantee Scheme for startups to provide credit Guarantee to schedule commercial banks,NBFCs and AIFs and the scheme was operationalised by 1st April 2023.

Open network for digital commerce(ONDC)

Open network for digital commerce is an initiative of the Department for promotion of industry and Internal Trade to provide an open network to all for exchange of goods and services through digital networks.

ONDC has witnessed around 6.3 million transactions in the month of November 2023. There are more than 2.3 lakh sellers available on the ONDC network. The service is spread across more than 500 cities.

One district one product:

Around 1200 products across the country have been identified as one district on product. These products are from across 767 districts around the country.

One district one product initiative is started to enhance development across regions across all districts in the country.

Conclusion:

The Department for Promotion of Industry and Internal Trade (DPIIT) is a government agency in India. It plays a crucial role in formulating and implementing policies to promote industrial development and internal trade in the country. The year end review of DPIIT clearly indicates the achievements of the government of India through various initiatives.

Important Questions:

1. What is the Open network for digital commerce initiative?
2. Describe the One district one product scheme.
3. Write down major achievements of Startup India Initiative in 2023.

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