The draft industrial policy makes the right kind of noises to turn India into a global manufacturing hub.
The Commerce and Industry Ministry recently proposed anew industrial policy, which envisages making the country a global manufacturing hub. It also aims at creating employment for thousands of aspirants who enter job market every year.
The country had last announced its industrial policy in 1991 when it was trying to break the conservatism in enterprises. Since then, India has transformed into one of the fastest-growing economies in the world.
The ministry notes that with strong macroeconomic fundamentals and several path-breaking reforms in the last three years, India is equipped to deploy a different set of ideas and strategies to build a globally-competitive Indian industry. The Department of Industrial Policy and Promotion (DIPP), under the Commerce and Industry Ministry, has constituted six focus groups for the policy, and an online survey is being conducted to obtain inputs. The groups have members from government departments, industry associations, academia and think-tanks.
The six areas on which the groups would focus are: manufacturing and MSME; technology and innovation; ease of doing business; infrastructure, investment, trade and fiscal policy; and skills and employability for the future. Besides, a task force on artificial intelligence (AI) has been set up to provide inputs for the policy. The new policy will subsume the National Manufacturing Policy.
The policy aims at making India a manufacturing hub by promoting Make In India. It also seeks to incorporate suitably use of modern smart technologies, such as internet of things (IoT), AI and robotics for advanced manufacturing, according to the ministry.
This story is from the November 2017 edition of India Business Journal.
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This story is from the November 2017 edition of India Business Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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