Established in 1995, the Department of Industrial Policy and Promotion (DIPP) was renamed Department for Promotion of Industry and Internal Trade (DPIIT) in January 2019. The DIPP FDI, functioning under the Ministry of Commerce and Industry, Government of India, is responsible for the formulation and implementation of promotional and developmental measures to boost the industrial sector. The department is also responsible for overseeing and facilitating Foreign Direct Investment (FDI) inflows into the country and processing the applications.
The department assesses, analyzes and therefore, formulates strategies for industrial development. The DIPP monitors the industrial growth of the country and other industries coming under its jurisdiction. It is also responsible for the formulation of policies relating to Intellectual Property Rights in the field of Patents, Trademarks, Industrial design and Geographical Indications of Goods and administration of regulations.
The Department of Industrial Policy and Promotion (DIPP) help foreign investors facing problems in the implementation of their applications through Foreign Investment Implementation Authority. In June 2017, the DIPP prepared the Standard Operating Procedure (SOP) in order to process Foreign Direct Investment (FDI) in sectors and activities that require a prior government approval.