With an aim to promote manufacturing and economic growth of India, Union Minister Suresh Prabhu has said that the commerce and industry ministry is preparing an action plan for implementing the proposed new industrial policy. He added that ministry looks to prepare the action plan before seeking the Cabinet approval for the new policy.
The proposed policy aims at promoting emerging sectors and modernising existing industries. It will also look to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence. With an aim to create jobs for the next two decades, promote foreign technology transfer and attract $100 billion FDI annually, the Department of Industrial Policy and Promotion (DIPP) in August last year had floated a draft industrial policy. This will be the third industrial policy after the ones released in 1956 and 1991.
Besides, about free trade agreements, Prabhu said the ministry has appointed two agencies to prepare a template for negotiating these trade pacts. He also urged the textiles industry to prepare a road map to boost exports. He said the contribution of textiles and apparel can be increased by increasing investments. Prabhu added that a free trade agreement with EU would relieve the pressure on the industry and enhance competitiveness. The ministry is also looking to fast track negotiations of the long stalled proposed free trade agreements with the European Union.
