According to an official Department for promotion of Industry and Internal Trade (DPIIT) is collaborating with 24 sub-sectors, including furniture, aluminum, agrochemicals, and textiles, to promote local production, increase exports, and decrease imports.
The commerce and industry ministry said on Tuesday that ‘Make in India‘ has achieved “significant” progress since its inception and is currently focused on 27 areas under ‘Make in India 2.0’.
The DPIIT is in charge of coordinating action plans for 15 industrial sectors, while the Department of Commerce is in charge of 12 service sectors.
“Now, DPIIT is working closely with 24 sub-sectors which have been chosen keeping in mind the Indian industries strengths and competitive edge, need for import substitution, potential for export and increased employability,” the ministry stated in a press release.
Furniture, air conditioners, leather and footwear, ready-to-eat, fisheries, agri produce, auto components, aluminum, electronics, agrochemicals, steel, textiles, EV components and integrated circuits, ethanol, ceramics, set-top boxes, robotics, televisions, close circuit cameras, toys, drones, medical devices, sporting goods, gym equipment are among the sub-sectors mentioned.
“Efforts are on to boost the growth of the sub-sectors in a holistic and coordinated manner,” the report added.
It further said that investment outreach is carried out via ministries, state governments, and Indian embassies overseas; prospective investor identification, handholding, and investment facilitation are carried out through Invest India.
DPIIT is an abbreviation for the Department for the Promotion of Industry and Internal Trade. It is an Indian federal government department under the Ministry of Commerce and Industry.
DPIIT replaced the Department of Industrial Policy and Promotion (DIPP), which was established in 1995. The department was renamed DPIIT in 2019.
The primary responsibility of DPIIT is to design and execute industrial policies and plans for industrial growth. It collaborates with 24 sub-sectors, including textiles, agrochemicals, aluminum, and furniture, to encourage local production while reducing imports and increasing exports.
DPIIT also includes an internship program for undergraduate and postgraduate students, as well as research researchers enrolled in accredited universities or institutes in India or overseas.
India’s GDP increased by 7.2% in the fiscal year ending March 2023. It increased by 7.8% in the first quarter of the current fiscal year. With significant manufacturing development and rising consumption, the Indian economy is expected to rise by nearly 7% in the second quarter of 2023-24.
According to a Finance Ministry estimate, India will continue to be the world’s fastest-growing major economy in 2023-24. This is because domestic fundamentals are robust and inflation expectations are low.
Some analysts believe India can become a worldwide powerhouse. Economic, political, demographic, military, and cultural factors may all contribute to a country gaining much weight.
