It stands for Department of Industrial Policy and Promotion.The DIPP was established in 1995 under the Ministry of Commerce and Industry as a nodal agency for design and facilitation of industrial, trade and commerce policies.
A major functional relevance of the Department is that it has acted as a think tank in formulating industrial and trade policies, facilitating trade and investment flows, and monitoring industrial development in the post liberalization phase.
Following are the core areas of DIPP:
- Formulation and Implementation of India’s Industrial Policy
- Formulation and Amendment of the FDI policy
- Industrial Promotion
- Formulation and Implementation of Intellectual property Rights Policy
FDI policy formulation and execution is one of the main functions of the DIPP. Following are the main functions of the DIPP:
- Formulation and implementation of industrial policy and strategies for industrial development in conformity with the development needs and national objectives;
- Monitoring the industrial growth, in general, and performance of industries specifically assigned to it, in particular, including advice on all industrial and technical matters;
- Formulation of Foreign Direct Investment (FDI) Policy and promotion, approval and facilitation of FDI;