Production incentive scheme, startups, ONDC star in DPIIT's year-end review
₹95,000 crore in investments were channeled through the PLI scheme in 2023, generating employment for about 640,000 individuals, according to a statement on Tuesday from the ministry's department for promotion of industry and internal trade (DPIIT). The ministry in 2023 approved 746 applications under the scheme, which targets 14 key sectors, including mobile manufacturing, telecom, pharmaceuticals, and the burgeoning drone industry. Overall, DPIIT said it is working with 24 sub-sectors, including furniture, aluminium, agrochemicals, robotics, and gym equipment, to promote domestic manufacturing, boost exports and reduce imports.
DPIIT is also coordinating action plans for 15 manufacturing sectors under the government's ‘Make in India 2.0’ plan, while department of commerce is coordinating for 12 service sectors, the commerce ministry said in the statement. Industrial performance, as measured by the index of industrial production (IIP), expanded by 6.9% during April-October. India's startup ecosystem, too, reached new heights, with the government recognising more than 114,000 startups during the year.
These companies collectively contributed to the creation of more than 1.2 million jobs, according to the statement. The government's fund of funds for startups invested ₹17,272 crore across 915 startups. Apart from startups, the Open Network for Digital Commerce also emerged as a game-changer in facilitating digital transactions.
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