Under the visionary leadership of Prime Minister Narendra Modi, India has been steadfast in its journey toward becoming a global economic powerhouse. The Department for Promotion of Industry and Internal Trade (DPIIT) has played a pivotal role in driving this transformation through progressive policies, innovative initiatives, and a relentless focus on creating a conducive environment for businesses. Here’s a comprehensive review of the milestones achieved in 2024 that are shaping India’s Vision Viksit Bharat.
The year 2024 marked a remarkable journey for the Department for Promotion of Industry and Internal Trade (DPIIT) as it drove India closer to the vision of Viksit Bharat by 2047. From unprecedented strides in manufacturing to fostering innovation and streamlining logistics, DPIIT’s achievements have bolstered India’s position on the global stage, reaffirming the success of Prime Minister Narendra Modi’s visionary policies.
Transforming Manufacturing with PLI Schemes
The Production Linked Incentive (PLI) scheme, a cornerstone of India’s manufacturing renaissance, has delivered exceptional results. With an investment of ₹1.46 lakh crore, the scheme achieved ₹12.5 lakh crore in production, ₹4 lakh crore in exports, and generated 9.5 lakh jobs across 14 sectors and 27 States/UTs. Over 1,300 manufacturing units now thrive under this initiative, transforming India into a global manufacturing powerhouse.
Specific highlights include:
- White Goods Manufacturing: Investments of ₹6,962 crore have led to 48,000 jobs and a significant boost in domestic value addition, projected to rise from 20% to 75% by 2029.
- Sectoral Impact: From electronics to pharmaceuticals, the PLI scheme is fostering a robust MSME ecosystem by anchoring large manufacturing units that spur ancillary industries.
PM Gati Shakti: The Infrastructure Game-Changer
Launched in October 2021, the PM Gati Shakti National Master Plan integrates infrastructure development using GIS-enabled platforms. In 2024:
- The Network Planning Group evaluated 213 projects worth ₹15.48 lakh crore.
- 12 greenfield infrastructure projects, with a potential investment of ₹1.5 lakh crore and 9.4 lakh jobs, were approved.
- Over 200 state-recommended logistics projects worth ₹5,496 crore were initiated.
The initiative promises seamless multimodal logistics, reducing bottlenecks and enhancing efficiency in sectors critical to economic growth.
National Logistics Policy: Driving Cost-Effective Competitiveness
Complementing PM Gati Shakti, the National Logistics Policy aims to bring India’s logistics costs in line with global benchmarks by 2030. Key achievements in 2024 include:
- Integration of 37 digital systems across 10 Ministries for EXIM cargo tracking.
- Introduction of logistics-related courses in 115 universities to address skill gaps.
- State-level logistics policies rolled out in 26 States/UTs.
FDI Inflows Surge Amidst Make in India Push
The Make in India initiative, launched in 2014, has significantly boosted investor confidence:
- FDI equity inflow in manufacturing surged by 69%, reaching $165 billion between 2014-2024.
- A 26% year-on-year increase was recorded in Q1 FY 2024-25, with $22.5 billion in inflows.
This growth underscores India’s emergence as a hub for global manufacturing, innovation, and exports.
Startups: India’s Engines of Innovation
India’s startup ecosystem continues to thrive, with 1.49 lakh startups creating 16 lakh direct jobs. Notable highlights include:
- 48% of startups have at least one woman director.
- 50% of startups are based in Tier 2 and Tier 3 cities, showcasing inclusive growth.
Revolutionizing Intellectual Property Rights
India’s IPR framework has undergone a paradigm shift:
- Patents: A 17-fold surge since 2014-15, with 1,03,057 patents granted in 2023-24.
- Trademarks: Registrations increased sevenfold over the same period.
- Geographical Indications: Registrations reached 635, boosting local and traditional industries.
- Global Recognition: India climbed to the 39th position in the Global Innovation Index in 2024.
Through reforms, digitalization, and skill-building, the Modi government has positioned India as a global leader in innovation and intellectual property management.
Industrial Corridor Development: Pioneering Regional Growth
The National Industrial Corridor Development Programme is driving regional economic transformation with:
- 12 new greenfield projects spanning 25,975 acres and unlocking investments of ₹1.5 lakh crore.
- Adoption of Industry 4.0 standards and a focus on high-demand sectors like semiconductors, aerospace, and renewable energy.
These corridors promise balanced regional development, enhanced employment, and integration into global value chains.
Foreign Direct Investment (FDI): A Gateway to Growth
Investor-Friendly Reforms
India’s robust FDI policy is a testament to the government’s commitment to economic liberalization. With most sectors open for 100% FDI under the automatic route, the country has positioned itself as a global investment hub. In FY 2023-24, over 98% of FDI equity inflows were received through this route.
Strategic Sectoral Reforms
Between 2019 and 2024, India introduced transformative FDI reforms across coal, insurance, defense, telecom, and even the space sector. Notably, FDI in the manufacturing sector surged by 69%, recording an inflow of $165 billion from 2014-2024.
2024 Achievements
In the first quarter of FY 2024-25, FDI inflow reached $22.5 billion, marking a 26% increase from the same period last year, reflecting growing investor confidence in India’s business ecosystem.
Startup India: Catalyzing Innovation
Launched in 2016, the Startup India initiative has transformed the entrepreneurial landscape. With over 1,49,000 startups recognized, 48% led by women and 50% based in tier 2 and tier 3 cities, the program epitomizes inclusive growth.
Major Highlights
- 16 lakh jobs created (self-reported)
- Initiatives like the Bharat Startup Knowledge Access Registry (BHASKAR) and manufacturing incubation programs have fostered innovation.
- Global recognition of Indian startups showcasing scalability and affordability.
Events like the National Startup Awards and Startup Mahakumbh have further strengthened India’s position as a global startup hub.
Ease of Doing Business: Cutting Red Tape
India’s monumental efforts to reduce compliance burdens have led to the elimination of 42,028 compliances, with 3,765 provisions decriminalized under the Jan Vishwas Act, 2023. The National Single Window System (NSWS) has streamlined processes, integrating 32 central ministries and 29 states, with over 7.10 lakh approvals applied and 4.81 lakh granted by October 2024.
Key Features
- PAN as a single business ID.
- Integration of state systems, enhancing transparency and efficiency.
- Launch of Jan Vishwas 2.0 to reinforce trust-based governance.
One District One Product (ODOP): Celebrating Local, Going Global
The ODOP initiative has championed regional growth by promoting 1,256 indigenous products across 780 districts. Under this program, PM Ekta Malls are being established to boost market access for local artisans and generate employment.
Achievements in 2024
- Over 641 applications were received for the National ODOP Awards.
- Capacity-building programs for stakeholders in collaboration with the National Institute of Design (NID).
- Enhanced coordination with key ministries for a unified approach.
Open Network for Digital Commerce (ONDC): Redefining E-Commerce
ONDC, an open-source e-commerce platform, is revolutionizing digital trade in India. With over 113.4 million total orders processed and 7.01 lakh sellers onboarded, ONDC is democratizing access to markets for small businesses and startups.
Driving Industrial Development
Industrial Park Rating System (IPRS)
The IPRS assessed 449 industrial parks in 2024, with 41 rated as “Leaders.” This initiative enhances investor decision-making and policy formulation.
Special Schemes for Jammu & Kashmir and Northeast India
The New Central Sector Scheme for J&K and Uttar Purva Transformative Industrialization Scheme for the Northeast aim to boost regional development. Together, these programs have garnered substantial participation, incentivizing industrial units and fostering growth.
Pioneering Trust-Based Governance
The Jan Vishwas (Amendment of Provisions) Act, 2023, decriminalized minor procedural defaults, fostering a trust-based governance model. By rationalizing regulations, the government has empowered MSMEs, encouraged voluntary compliance, and enhanced investor confidence.
Vision Viksit Bharat: A Promising Future
The Modi government’s relentless focus on reforms, innovation, and inclusivity is shaping India’s transformation into a developed nation by 2047. DPIIT’s 2024 achievements are not merely milestones but building blocks for India’s ambitious vision of becoming an economic superpower.
As India marches forward, these initiatives underline the nation’s commitment to fostering growth, innovation, and self-reliance, setting the stage for an era of unprecedented prosperity.
The DPIIT’s achievements in 2024 reflect the Modi government’s unwavering commitment to transforming India into a self-reliant and globally competitive nation. From the success of the PLI schemes to the groundbreaking PM Gati Shakti initiative, these efforts are not just milestones but stepping stones toward realizing the vision of Viksit Bharat. As India marches ahead, these initiatives will continue to redefine its economic landscape, ensuring inclusive and sustainable growth.
