New Industrial Policy

The New Industrial Development Policy 2024-29, which came into effect from November 1, will be the sixth after the state came into existence on November 1, 2000. It will exist till October 31, 2030

The Industrial Policy 2023, which is in the works, is likely to focus on new industries, carbon neutrality, and endeavour to make India a major manufacturing hub

The policy envisions to create globally competitive business enterprises which can generate gainful employment and sustainable livelihoods

The draft also focuses on the ease of doing business and features 'industry 4.0' principles

Policy also aim to seize millions of jobs, lower down the value chain, that are shifting out of China to other developing nations

The new policy will replace the industrial policy of 1991 which was prepared in the backdrop of balance of payment crisis

The proposed policy will completely revamp the Industrial Policy of 1991

Inputs are also being collected through a survey: Nirmala Sitharaman