Project development units in 29 departments to accelerate investments: government

The Ministry of Commerce and Industry said on Wednesday that project development cells (PDCs) had been set up in 29 departments to accelerate investments in coordination between central government and state governments.

The cells improve the pipeline of investment projects in India and in turn increase domestic investment and foreign direct investment (FDI) inflows, he said.

He also said the ministry will organize the Innovation Ecosystem Week from January 10 to showcase the efforts being made to promote start-ups in the country.

The week will be organized by the Directorate for the Promotion of Industry and Internal Trade (DPIIT) and will be hosted by the Ministry of Education.

The ministry said that with more than 60,000 recognized start-ups, India has become the third largest start-up ecosystem.

“While 55% of recognized start-ups are from Tier 1 cities and 45% from Tier 2 and 3 cities respectively,” he said, adding that DPIIT-recognized startups reported the creation of nearly two lakh of jobs. in 2021.

Under the Fund of Funds for Start-ups (FFS), he said that Rs 6,495 crore has been committed to 80 alternative investment funds (AIF) and Rs 8,085 crore has been invested by AIF backed in 540 startups.

“For the Start-up India Seed Fund Scheme (SISFS), 58 incubators have been selected and Rs 232.75 crore have been approved as a grant under the program,” he said.

The ministry also said that as part of the digitization of old files / records, the department scanned / digitized up to 12,387 files containing 19,536,666 pages.

During the Swachhata campaign, he said, 49,686 cases were reviewed by DPIIT and its sub-organizations. and of this total, 49,449 files were deleted.

He added that more products are being identified under the One District One Product (ODOP) initiative, which aims to promote the production of unique products in each district that can be marketed globally.

“Ongoing extension exercise involving the expansion of the list from phase 1 which included 106 products from 103 districts to the current phase 2 which would include more than 739 products covering 739 districts,” the ministry said.

On the national one-stop-shop system, he said full integration of 32 central departments and 14 states will be done in the next phases.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor

About Joan Dow

Check Also

Saved for ROI, now recovered for preservation

By Sage Hamilton In June, the neighbors near the 20e Avenue NW and Cooper Point …