Govt constitutes working group to prepare contours of new industrial policy

The government has constituted a working group to prepare the contours of a new industrial policy which will aim at making India a manufacturing hub.

The working group, comprising members from seven state governments, the Centre and domestic industry, will consult stakeholders and identify pain points of industry, the commerce and industry ministry said in a notification.

It will also develop actionable solutions for short and medium term, and delineate the role for private sector in achieving the national targets.

The members include additional chief secretary or secretary in charge of industry from seven states including Andhra Pradesh, Assam, Gujarat, Uttar Pradesh, Maharashtra, besides other two.

The group will also have members from industry chambers, including the CII and Federation of Indian Export Organisations (FIEO).

Additional secretary/joint secretary from six Union ministries including commerce, revenue, economic affairs and MSME are also the members.

The Department for Promotion of Industry and Internal Trade (DPIIT) had prepared the draft policy and sent it for Cabinet approval, but certain new suggestions have been made with regard to the policy.

This will be the third industrial policy after the first in 1956 and the second in 1991. It will replace the industrial policy of 1991 which was prepared in the backdrop of the balance of payment crisis. The DPIIT had initiated the process of formulation of a new industrial policy in May 2017. The new policy will subsume the National Manufacturing Policy (NMP).

The department had floated discussion paper on the policy with an aim to create jobs for next two decades, promote foreign technology transfer and attract USD 100 billion FDI annually.