New Industrial Policy will focus on ease of doing business at the district level

New Industrial Policy to Focus on Implementation at the District Level: Commerce and Industries Minister

Manufacturing to be at $1 trillion by 2025: CIM

The New Industrial Policy will focus on ease of doing business at the district level, stated Mr Suresh Prabhu, Minister of Commerce and Industry, at an industry gathering held by the Confederation of Indian Industry (CII). Growth can only be accelerated by government policy in tandem with the private sector, he added, stressing that the intention of the government is to ease regulations for industry. The Central and state governments need to work together along with district level administration.

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“This is only the third time that an industrial policy is being brought out after 1956 and 1991,” said the Minister. “It will be based on what the private sector can do and will promote entrepreneurship.”

India will become a $5 trillion economy within the next 7-8 years and within this, the manufacturing sector is expected to contribute $1 trillion, pointed out the Minister. For this to happen, India needs detailed planning on which existing sectors and new sectors can emerge as growth drivers. A single digital ID for companies, self-regulation, third party certification, and easier regulations will be key to industrial growth, according to Mr Prabhu.

The country will also see $1 trillion of exports of goods and services within the medium term, he continued. New products and new markets will need to be explored for achieving this. A detailed plan is under preparation for identifying the best options. The Minister announced that the Government is working on ease of trading and aligning agencies towards this.

Other points being taken up by the Government include startups, agricultural exports, logistics development, packaging and industrial corridors, stressed Mr Prabhu.

Ms Shobana Kamineni, President, CII, noted, “Various trends such as changing face of globalization, new technologies and shifting global value chains need to be considered for the future of India’s growth.”

A presentation outlining the New Industrial Policy stressed on skill, scale and technology. Ease of doing business, aligning trade and manufacturing, access to credit for MSME, industrial infrastructure creation, skill development and promotion of technology will be the dimensions covered in the policy.

New Delhi

6 February 2018