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DPIIT’s 2023 Year-End Review: India’s Economic Surge and Innovation Triumphs

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India’s economic landscape witnessed a remarkable transformation, as revealed in the Department for Promotion of Industry and Internal Trade’s (DPIIT) 2023 Year-End Review. The report showcases India’s resilience and innovation across diverse sectors, propelling the nation to global prominence.

Key Highlights:

  • The Production Linked Incentive (PLI) scheme drives economic growth with 746 approved applications, attracting over Rs 95,000 crore in investments and creating 6.4 lakh jobs.
  • India’s startup ecosystem flourishes, with over 1,14,000 recognized startups contributing to the creation of more than 12 lakh jobs.
  • The Fund of Funds for Startups (FFS) invests Rs. 17,272 crore in 915 startups, fostering innovation and entrepreneurship.
  • The Open Network for Digital Commerce (ONDC) facilitates digital transactions with over 2.3 lakh sellers and records more than 6.3 million transactions in November 2023.
  • The ‘One District One Product’ (ODOP) initiative identifies over 1,200 products across 767 districts, showcasing local craftsmanship.
  • Decriminalization of over 3,600 compliances and the Jan Vishwas Bill streamline regulatory processes, fostering a business-friendly environment.
  • The National Single Window System (NSWS) processes over 2,55,000 approvals, showcasing a transparent and streamlined approach.
  • ‘Make in India 2.0’ focuses on 27 sectors, emphasizing holistic growth and leveraging India’s competitive edge.
  • The PM GatiShakti National Master Plan examines 123 infrastructure projects amounting to Rs. 12.08 lakh crores.
  • India retains the 40th rank in the Global Innovation Index 2023, demonstrating prowess in Intellectual Property Rights (IPR).
  • The Index of Industrial Production (IIP) expands by 6.9% during Apr-Oct 2023-24, reflecting robust industrial recovery.
  • Foreign Direct Investment (FDI) inflow stands at USD 71 billion, with a 55% increase in FDI equity inflow in manufacturing sectors over the last 9 financial years.
  • Patents granted witness an eight-fold growth, reaching 47,735 in 2023-24.

DPIIT’s 2023 Year-End Review unravels a narrative of India’s economic triumphs, emphasizing inclusive and sustainable growth.

Department for Promotion of Industry and Internal TradesDPIITInnovation

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Written by RT team

The RT team is a diverse group of writers, analysts, and innovation enthusiasts united by a shared passion for the world of invention. With a collective experience spanning several years in technology, science, journalism, and innovation studies, they dedicate their skills to uncovering, understanding, and showcasing the most exciting advancements and trends in the industry.