India will have its new industrial policy, the third after the ones in 1956 and 1991, in the next government’s term, Commerce Minister Suresh Prabhu. The new government at the centre would announce the proposed policy, he also said at the CII’s Annual session 2019.
“We have finalised the industry policy. I am sure that the new government will announce that soon,” news agency PTI reported citing Suresh Prabhu as saying.
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The upcoming industrial policy aims at promoting emerging sectors and modernising existing industries, the Union Minister said. It will also look to reduce regulatory hurdles, cut paper work and support emerging and new sectors, he added. Even as the final proposal was sent to the current Cabinet, it was not taken up for consideration, he noted.
Elaborate machinery has been planned to be formed by the ministry including a steering committee for implementing the policy effectively.
On increasing foreign direct investment (FDI), new agency PTI reported Suresh Prabhu as saying, “We are trying to bring in more FDI. FDI will come either in greenfield area or it could be through acquisition. So, we must prepare a strategy on both… We should target those companies that can invest because they have investable surplus and same time, we must have a matching sectoral strategy wherein inbound investments can be absorbed.”
Suresh Prabhu also said that in FY19, the exports of Indian goods and services would hit nearly $540 billion. The exports by country increased 8.85 per cent to $298.47 billion during the April-February period of fiscal year 2019.