Focus on modernising existing businesses, developing new ones: Prabhu

Union Commerce and Industry Minister Suresh Prabhu on Saturday said the focus of the new industrial policy would be on modernising existing businesses and developing new industries.

He said objective of the new industrial policy would be to align with the future trends of global industry.

"We want to ensure 20 per cent of the $5 trillion GDP size (expected by 2025) to come from manufacturing. But to reach there, we are working on few strategies," he said.

"The focus would be on developing new industries and it does not mean that we will ignore old industry. We will look to modernise existing businesses," he said.

The government has appointed a parallel committee to review all regulations, he said at an event organised by Indian Chamber of Commerce.

"Idea is to review all regulatory policy; we are removing undue regulations in a big way," Prabhu said.

According to him, the focus should be on both macro and micro development in order to increase the country's GDP.

With this in mind, the government has undertaken a pilot in six districts across five states to push development.

"We want to see how we can increase the GDP of these districts by 3 percent and we have taken the state governments on board. While ease of doing business is being improved nationally unless we do it at the district level, it will not serve the purpose," he added.

--IANS

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