DPIIT Full Form

What is the full form of DPIIT?

The abbreviation DPIIT stands for Department for Promotion of Industry and Internal Trade. It is a department of the central government under the Ministry of Commerce and Industry. It was derived from the formerly active Department of Industrial Policy & Promotion in 2019 after internal trade was added to its mandate. This governmental body works for the development of the Industrial sector and the application of Industrial policies, keeping in mind national priorities and objectives. The same is also responsible for the ease of Foreign Direct Investment (FDI).

This Story also Contains

1. What is the full form of DPIIT?
2. History of DPIIT
3. Roles and Responsibilities
4. Policies and Programs

History of DPIIT

The department was established in 1995 and was further reassembled in 2000 with the merging of the Department of Industrial Development. DPIIT is a nodal part of the Government of India which directs and implements programs with the United Nations Industrial Development Organization. The department also cooperates with industrial associations such as The Federation of Indian Chambers of Commerce and Industry, Confederation of Indian Industry, ASSOCHAM in their work relating to the promotion of industrial cooperation and also to stimulate FDI in India.

Roles and Responsibilities

• The department is actively working on the betterment of industrial policies.

• The department’s online portal called Indian Investment Grid (IIG) is an all-in-one interactive portal that can provide details on various sectors, industries, and projects to make it easy for foreign and domestic investors to invest in desired places. It also allows the promoters to highlight their industries.

• Being the astride body of the Start-up India initiative, it aims to dispose of redundant state government policies like License Raj, Land Permissions, Foreign Investment Proposals, and Environment clearances.

• The Department has also planned for changes like a reduction in the patent registration fee, freedom of capital gain for the first three operations, and self-certification compliance.

• The department is currently working on applying new E-commerce rules directed at maintaining the digital business community.

Policies and Programs

The currently upheld programs of the ministry are:

1. Make in India (MII) - To support and encourage industries to manufacture and assemble products made in India rather than being dependent on products imported from other countries. Also, it has been identified to promote entrepreneurship in India.

2. Project Monitoring Group (PMG) - To monitor and resolve issues regarding all mid and large-sized public, private and public-private partnership (PPP) projects and take up fast tracking of approval and sectoral policy issues.

3. Invest India - To promote investment by domestic investors in various projects and industries.

4. Foreign Direct Investment (FDI) - To boost foreign investment in various projects and industries, the initiative focuses on ease of investment by foreign investors.

5. Start-up India - To support all scaled newly established businesses, financial and policy so that it will boost the growth of new industries on the ideals of the Make In India initiative.

National Intellectual Property Rights (IPR) Policy - The policy deals with the rights given to a person or a group over the creation of their minds: Inventions, literary and artistic works. This policy is applied to support industries under Make in India and Start-up India initiatives.