The Department of Industrial Policy and Promotion (DIPP), under the Commerce and Industry Ministry, has formed six groups for preparing a framework for the country’s new industrial policy that includes several areas like ways to encourage innovation, further simplification of taxation system and address new challenges of the manufacturing sector.
Apart from this, the groups would also prepare reports on infrastructure, intellectual property rights (IPRs), ease of doing business and employability of future workforce. Members of these groups include government officials, academicians and representatives of professional firms. The draft of the policy should be ready by September this year.
The new policy aims at aligning with the government’s flagship programmes such as Make in India, Skill India, Startup India and the foreign direct investment norms. With the changing manufacturing scenario and introduction of Industrial Revolution 4.0, there is a need to completely revamp the industrial policy of 1991. Industrial Revolution 4.0 means use of modern technologies, artificial intelligence and robotics in manufacturing.