Major Initiatives and Achievements of Department Of Industrial Policy & Promotion - 2016
Foreign Direct Investment
Consolidated FDI Policy Circular of 2016 incorporating all FDI policy amendments carried out since the release of last FDI Circular. It has been made simpler and investor friendly; and will serve as a ready reference for foreign investors on various provisions of the FDI policy.
FDI Policy Reforms :
To further supplement domestic capital, technology and skills, for accelerated economic growth, DIPP announced FDI policy reforms on 20th June, 2016. The policy amendments became effective from the date of release of the press note i.e. 24th June, 2016.
The reforms inter-alia include FDI beyond 49% in Defence under approval route and 100% FDI for e-commerce in Food Products manufactured/ produced in India under approval route.
Intellectual Property Rights (IPR) Policy:
In May, 2016, Government for the first time adopted a comprehensive National Intellectual Property Rights (IPR) policy to lay future roadmap for intellectual property.
This aims to improve Indian intellectual property ecosystem, hopes to create an innovation movement in the country and aspires towards “Creative India; Innovative India”
Objective of this policy is to
- Increase IPR awareness;
- Stimulate generation of iprs;
- Have strong and effective IPR laws;
- Modernize and strengthen service-oriented IPR administration;
- Get value for iprs through commercialization;
- Strengthen enforcement and adjudicatory mechanisms for combating IPR infringements;
- To strengthen and expand human resources,
- Institutions and capacities for teaching,
- Training, research and skill building in iprs.
National Industrial Corridor Development & Implementation Trust (NICDIT):
- Delhi Mumbai Industrial Corridor Project Implementation Trust Fund (DMIC-PITF Trust) is now re-designated with an expanded mandate of integrated development of Industrial Corridors.
Delhi Mumbai Industrial Corridor:
- Approval of Construction of trunk infrastructure for Phase II of Part I of Shendra Bidkin Industrial Area (SBIA) namely the Bidkin region spread across 31.79 sq km (3,179.20 ha) at an estimated project cost of Rs. 6,414.21 crore.
Modified Industrial Infrastructure Upgradation Scheme (MIIUS) :
- Under this Scheme, projects have been undertaken to upgrade infrastructure in existing Industrial Parks/ Estates/ Areas.
Make In India:
- On completion of two years of ‘Make In India’ initiative, sector achievement reports in respect of eleven sectors viz. Power, Mining, Automotive, Telecommunication, Textile & Apparel, Electronics & IT, Skill Development, Leather and Port & Shipping Tourism and Food Processing have been released during the year.
Ease of Doing Business:
- The World Banks’ Doing Business 2017 report shows that for the first time the absolute score of ‘Distance to Frontier’ that measures the gap between India and the global best practice has increased for two consecutive years. It has improved by 2.5% from 55.27 to 53.93 over a period of last one year.
- Fund of Funds for Startups: `129 crore committed by SIDBI to Venture Funds.
- Funds for 10 Startup Centers released and 9 Technology Business Incubators approved.
- Establishment of Atal Tinkering Labs: NITI Aayog has announced a list of 257 schools.
Incentives for Industries of North East and Himalayan States –
- North East Industrial and Investment Promotion Policy, 2007 revised with notification on 22nd Nov, 2016 for resumption of registration process for new industrial units that had commenced production on or after 01.12.2014.
- Korea Plus- It is a special initiative to promote and facilitate Korean Investments in India. It was operationalized on June 18, 2016 comprises of a representative from the Ministry of Industry, Trade and Energy, Government of the Republic of Korea and representative from Korea Trade Investment and Promotion Agency (KOTRA) and three representatives from Invest India.
Source - PIB
category - GS 3