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Government likely to release a new industrial policy aiming to promote 'Make in India' - (30 Aug 2017)

Commercial

The process to formulate new Industrial Policy began in May 2017 by The Department of Industrial Policy and Promotion. The new Industrial Policy will substitute the National Manufacturing Policy that was released in 2011. The new Industrial Policy aims at making India a manufacturing hub by promoting 'Make in India'. Modern smart technologies such as IOT, artificial intelligence and robotics for advanced manufacturing will be included for industrial progress. The Industrial Policy is likely to be announced in October, 2017. Further, Department has invited comments, feedback, suggestions from the public regarding framing of the new Policy.

For obtaining inputs relating to new Industrial policy, thematic focus groups and an online survey on DIPP website have been used. Focus groups, with members from government departments, industry associations, academia, and think tanks have been setup to delve deep into challenges faced by the industry in specific areas. The six thematic areas include Manufacturing and MSME; Technology and Innovation; Ease of Doing Business; Infrastructure, Investment, Trade and Fiscal policy; and Skills and employability for the future. Existing Foreign Direct Investment (FDI) policy will be reviewed for facilitating greater technology transfer, leverages strategic linkages and innovation. There will also be focus on increasing value addition and creating more jobs.

The major challenges that have restricted industrial growth includes lack of competitiveness, inadequate infrastructure, Restrictive labour laws, Low productivity etc. As per the discussion paper released by DIPP, The policy aims to set a clear vision for the role of industry and industrial growth and development of the Indian economy. Further, a shared vision to develop a globally competitive Indian industry with skill and scale, which leverages technology, will be developed through engagement with stakeholders. One of the foremost objective of formulating new Industrial Policy is to create a globally competitive Indian industry equipped with specialised skills and modern technology for further growth of Indian Economy. For achieving goal of systematic and substantial industrial progress, consultations with stakeholders, including industry captains, think tanks and State governments in Chennai, Guwahati and Mumbai will be conducted by Minister of State for Commerce & Industry.

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