Unveiling DPIIT: Empowering India's Industries

Image showing the logo of the Department for Promotion of Industry and Internal Trade (DPIIT), symbolizing empowerment of India's industries
Unveiling DPIIT: Empowering India's Industries

The Department for Promotion of Industry and Internal Trade (DPIIT) stands as a pivotal central government department within the Ministry of Commerce and Industry, Government of India. Established in 1995, formerly recognized as the Department of Industrial Policy & Promotion (DIPP), it underwent a renaming to DPIIT in January 2019.

Vision and Mission:

DPIIT's vision is to foster industrial growth and development across India, while its mission is dedicated to cultivating an environment conducive to investment, innovation, and entrepreneurship. This endeavor is pursued through policy formulation and implementation, aiming to streamline business practices, allure foreign direct investment (FDI), and nurture startups and intellectual property rights (IPR).

Functions and Responsibilities:

DPIIT shoulders a spectrum of responsibilities ranging from industrial policy formulation to investment promotion and internal trade facilitation. These include:

  • Crafting and executing industrial policies.
  • Facilitating a business-friendly ecosystem in India.
  • Promoting FDI and overseas direct investment (ODI).
  • Overseeing the enforcement of industry-related laws and regulations.
  • Fostering startups and innovation.
  • Safeguarding and advancing IPR.
  • Coordinating with state governments and stakeholders for industrial advancement.
  • Fostering e-commerce and digital economy.

Initiatives and Schemes:

DPIIT spearheads several initiatives and schemes aimed at propelling industrial growth:

  • Make in India: A flagship initiative fostering manufacturing and FDI attraction.
  • Startup India: Encouraging startup culture and entrepreneurship.
  • Invest India: A national agency devoted to facilitating FDI.
  • National Intellectual Property Rights Policy: Safeguarding and promoting IPR.
  • Industrial Corridors: Bolstering industrial clusters and connectivity.
  • National Manufacturing Policy: A blueprint to enhance manufacturing's GDP contribution.
  • Public Procurement (Preference to Make in India) Order: Stimulating domestic manufacturing.
  • FDI Policy: Enabling FDI inflow through progressive policy frameworks.

FDI Policy:

DPIIT is the architect behind India's FDI policy, consistently liberalizing it to attract foreign investment across various sectors. Currently, India permits 100% FDI under the automatic route in most sectors, barring a few with restrictions. Recent reforms include easing norms for single-brand retail trading, contract manufacturing, and coal mining.

Ease of Doing Business:

DPIIT is pivotal in enhancing India's Ease of Doing Business (EoDB) ranking. Through initiatives like a single-window clearance system and digitalized approval processes, India's EoDB ranking has soared from 142 in 2014 to 63 in 2020. DPIIT remains committed to further refining regulations and implementing best practices for sustained improvement.

Post a Comment

Previous Post Next Post