The commerce and industry ministry is preparing an action plan for implementing the proposed new industrial policy, aimed at promoting manufacturing and economic growth of the country, Union Minister Suresh Prabhu said Wednesday.
The commerce and industry ministry is preparing an action plan for implementing the proposed new industrial policy, aimed at promoting manufacturing and economic growth of the country, Union Minister Suresh Prabhu said Wednesday. He said the ministry looks to prepare the action plan before seeking the Cabinet approval for the new policy.
“Very soon we will be announcing the new industrial policy. It is getting delayed because before we actually go to the Cabinet, an action plan of implementing the policy is being worked out,” he said at a function here.
The proposed policy aims at promoting emerging sectors and modernising existing industries.
It will also look to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence.
The Department of Industrial Policy and Promotion (DIPP) in August last year floated a draft industrial policy with an aim to create jobs for the next two decades, promote foreign technology transfer and attract USD 100 billion FDI annually.
This will be the third industrial policy after the ones released in 1956 and 1991.
Talking about free trade agreements, Prabhu said the ministry has appointed two agencies to prepare a template for negotiating these trade pacts.
In such agreements, two or more trading partners eliminate customs duties on maximum number of goods traded between them. He also urged the textiles industry to prepare a road map to boost exports. He said the contribution of textiles and apparel can be increased by increasing investments. Prabhu added that a free trade agreement with EU would relieve the pressure on the industry and enhance competitiveness.
The ministry is looking to fast track negotiations of the long stalled proposed free trade agreements with the European Union.