The year-end review of 2023 highlights a transformation in India’s economic scenery, indicating a period of significant success and international visibility.
The conclusion of the year 2023 brings forth a revelation poised to redefine India’s economic trajectory, with the Department for Promotion of Industry and Internal Trade (DPIIT) offering a resounding testament to the nation’s resilience and innovation.
As outlined in a press release by the Ministry of Commerce and Industry, the 2023 Year-End Review unveils a tapestry of monumental achievements spanning diverse sectors, signaling a metamorphosis in India’s economic landscape and ushering in an era of transformative triumph and global prominence.
The government’s Production Linked Incentive (PLI) scheme, aimed at fortifying India’s manufacturing capabilities and boosting exports, emerges as a significant driver of economic growth. With 746 applications approved across 14 key sectors, the scheme attracts over Rs 95,000 crore in investments, generating employment for 6.4 lakh individuals.
Noteworthy successes extend to diverse sectors such as mobile manufacturing, telecom, pharmaceuticals, and the burgeoning drone industry. India’s startup ecosystem reaches new heights, with over 1,14,000 startups recognized by the government, collectively contributing to the creation of more than 12 lakh jobs, as per the press release.
The Fund of Funds for Startups (FFS) plays a pivotal role, investing a substantial Rs. 17,272 crore in 915 startups, showcasing a concerted effort to foster innovation and entrepreneurship. The operationalization of the Credit Guarantee Scheme for Startups (CGSS) from April 1, 2023, further solidifies the government’s commitment to supporting and nurturing startups.
The Open Network for Digital Commerce (ONDC) emerges as a game-changer in facilitating digital transactions, boasting over 2.3 lakh sellers and service providers across 500+ cities. In November 2023 alone, ONDC records more than 6.3 million transactions, with a successful pilot for exports making Singapore the inaugural market to purchase products through the ONDC Network.
The ‘One District One Product’ (ODOP) initiative gains traction, identifying over 1,200 products across 767 districts, showcasing the rich tapestry of local craftsmanship. The approval of Unity Malls in 17 states, backed by a substantial investment of Rs 2944 crore, underscores the commitment to promoting and selling region-specific products, fostering economic growth at the grassroots level.
The government’s commitment to ease of doing business is underscored by the decriminalization of over 3,600 compliances and the reduction of an additional 41,000 compliances. The Jan Vishwas (Amendment of Provisions) Bill, 2023, receives parliamentary approval, aiming to decriminalize 183 provisions across 42 Central Acts, streamlining regulatory processes and fostering a business-friendly environment.
Facilitating seamless business operations, the National Single Window System (NSWS) processes over 2,55,000 approvals as of November 2023. Its integration with 35 systems of 08 Ministries covering 1800+ fields showcases a concerted effort to streamline processes and promote transparency. The move towards a centralized KYC and PAN as a Single Business Identity further bolsters the government’s pro-business approach.
Building on the success of the ‘Make in India’ campaign, the government unveils ‘Make in India 2.0,’ focusing on 27 sectors ranging from furniture and electronics to medical devices. DPIIT coordinates Action Plans for 15 manufacturing sectors, emphasizing holistic and coordinated growth, aligning with India’s strengths and competitive edge.
The ambitious PM GatiShakti National Master Plan examines 123 big-ticket infrastructure projects, amounting to a staggering Rs. 12.08 lakh crores. Integration of data layers from 39 Central Ministries and 36 States/UTs showcases a robust and collaborative approach towards infrastructure development.
The Unified Logistics Interface Platform (ULIP) emerges as a linchpin in enhancing supply chain visibility, with integration completed across 35 systems of 08 different Ministries. Over 125 private companies signing Non-Disclosure Agreements (NDAs) reflect the industry’s confidence in ULIP’s capabilities.
The Project Monitoring Group (PMG) undergoes a significant transformation, shifting to a Milestone-based monitoring system. Onboarding 2426 projects worth Rs 61.90 lakh crore, the upgraded portal facilitates the resolution of 6978 issues, exemplifying its pivotal role in driving transformative changes in the infrastructure space.
India’s industrial performance, as measured by the Index of Industrial Production (IIP), expands by 6.9% during Apr-Oct 2023-24, reflecting a robust recovery. The Foreign Direct Investment (FDI) landscape remains vibrant, with FDI inflow standing at USD 71 billion in FY 2022-23. Notably, FDI equity inflow in manufacturing sectors increases by 55% over the last 9 financial years.
India’s prowess in Intellectual Property Rights (IPR) is showcased by retaining the 40th rank in the Global Innovation Index 2023. The number of patents granted witnesses an eight-fold growth from 5978 in 2014-15 to 47735 in 2023-24 (up to November 30, 2023), underlining the nation’s commitment to fostering innovation and research.
The Ministry of Commerce and Industry’s 2023 Year-End Review unravels a tapestry of economic achievements, showcasing India’s resilience, innovation, and commitment to fostering a conducive business environment. The detailed insights across various sectors underscore the government’s multifaceted approach towards inclusive and sustainable economic growth.