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  1. Govt may set up elaborate machinery for new industrial policy execution

Govt may set up elaborate machinery for new industrial policy execution

The government is also likely to set up a dedicated office in the commerce and industry ministry to develop a detailed action plan for monitoring, and implementation of the policy.

By: | New Delhi | Published: May 23, 2018 4:29 PM
The government is expected to set up an elaborate machinery including a steering committee for effective implementation of the new industrial policy, to be released soon. (PTI)

The government is expected to set up an elaborate machinery including a steering committee for effective implementation of the new industrial policy, to be released soon. The proposed industrial policy aims to promote emerging sectors. It would completely revamp the Industrial Policy of 1991. The machinery may include an industrial policy steering committee and a programme officer, according to sources.

The government is also likely to set up a dedicated office in the commerce and industry ministry to develop a detailed action plan for monitoring, and implementation of the policy. Similarly, there are plans to set up the same machinery at state level. “The implementation of the policy could be overseen by a high-level committee to be chaired by the commerce and industry minister. Like the GST (Goods and Services Tax) Council, the committee could have concerned ministers from state governments,” a source said.

Commerce and Industry Minister Suresh Prabhu had earlier said the policy aims at modernising the existing industries, reducing regulatory hurdles and encouraging adoption of frontier technologies such as robotics and artificial intelligence. The ministry in August last floated a draft industrial policy with the aim to create jobs for the next two decades, promote foreign technology transfer and attract USD 100 billion FDI annually. Prabhu had last month said the government has finalised the policy, which is set to be announced soon.

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