India’s Industrial Triumphs in 2023: A Year-End Recap of Manufacturing Milestones and Trade Boosts
New Delhi, December 26, 2023 – The Department for Promotion of Industry and Internal Trade (DPIIT) has unveiled a comprehensive year-end review highlighting significant achievements in the Indian industrial landscape throughout 2023.
Production Linked Incentive Sparks Manufacturing Surge: In a bid to bolster India’s manufacturing prowess and exports, the Production Linked Incentive (PLI) Scheme was launched for 14 key sectors. The scheme, with an outlay of Rs. 1.97 lakh crore, has propelled Indian manufacturers onto the global stage, attracting investments and fostering export growth. Notably, 746 applications have been approved, leading to a significant rise in production, sales, and job creation.
Startup India: Fueling Innovation and Job Creation: India’s startup ecosystem witnessed unprecedented growth, with over 1,14,000 startups spanning across all 36 States and Union Territories, collectively generating more than 12 lakh jobs. Under the Startup India initiative, the government has committed substantial funds, with Alternative Investment Funds investing Rs. 17,272 crores in 915 startups, further fueling the entrepreneurial landscape.
ONDC: Revolutionizing Digital Commerce: The Open Network for Digital Commerce (ONDC) has emerged as a game-changer, recording over 6.3 million transactions in November 2023. With 2.3 Lakh+ active sellers and service providers in 500+ cities, ONDC is redefining the digital commerce landscape, facilitating transactions across various categories and integrating with diverse stakeholders.
Unity Malls and ODOP Promote Local Products: The One District One Product (ODOP) initiative has identified over 1,200 products across 767 districts, showcasing them on the ODOP portal and boosting sales on platforms like GeM. The approval of Detailed Project Reports for Unity Malls in 17 states, with a total investment of Rs. 2944 Cr., is set to further promote local products and handicrafts.
Easing Business Operations and Reducing Compliance Burden: To enhance the Ease of Doing Business, the government has undertaken a massive exercise, decriminalizing over 3,600 compliances and reducing more than 41,000 others. This proactive approach aligns with India’s meteoric rise in the World Bank Doing Business ranking, improving from 142nd in 2014 to 63rd in 2020.
Make in India 2.0: Paving the Way for Manufacturing Hub: Make in India 2.0, focusing on 27 sectors, aims to transform India into a global manufacturing hub. With efforts coordinated across various sub-sectors, including furniture, electronics, textiles, and more, the initiative is driving growth, employment, and export potential.
PM GatiShakti and Logistics Evolution: PM GatiShakti, India’s National Master Plan, has gained momentum with 123 infrastructure projects worth Rs. 12.08 lakh crores examined. The Logistics Ease Across Different States (LEADS) annual report highlights advancements, while the Unified Logistics Interface Platform (ULIP) integration with 35 systems streamlines supply chain visibility.
Industrial Growth and FDI Influx: India’s industrial production, measured by the Index of Industrial Production (IIP), expanded by 6.9% in April-October 2023-24. The Index of Eight Core Industries recorded robust growth, with steel, coal, and cement leading the way. Furthermore, India continues to attract Foreign Direct Investment (FDI), with USD 33 billion reported in the current financial year (up to September 2023).
Innovation and Intellectual Property Rights (IPR): India’s commitment to innovation is evident in its improved Global Innovation Index (GII) ranking, retaining the 40th position in 2023. The number of patents granted has seen an eight-fold increase, reaching 47,735 in 2023-24 (up to 30th Nov, 2023), reflecting India’s strength in intellectual property.
As 2023 concludes, India stands at the forefront of industrial innovation and growth, poised for a dynamic and transformative future.
