- The Department of Industrial Policy and Promotion, Ministry of Commerce and Industry initiated the process of formulation of a new Industrial Policy in May 2017.
- Since the last Industrial Policy announced in 1991, India has transformed into one of the fastest growing economies in the world. With strong macro-economic 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 new Industrial Policy will subsume the National Manufacturing Policy.
- A consultative approach has been taken for industrial policy formulation wherein six thematic focus groups and an online survey on DIPP website have been used to obtain inputs.
- Focus groups, with members from government departments, industry associations, academia, and think tanks have been setup to delve deep into challenges faced by the industry in specific areas.
- The six thematic areas include Manufacturing and MSME; Technology and Innovation; Ease of Doing Business; Infrastructure, Investment, Trade and Fiscal policy; and Skills and employability for the future. A Task Force on Artificial Intelligence for India’s Economic Transformation has also been constituted which will provide inputs for the policy.
- It is proposed that the new Industrial Policy will aim at making India a manufacturing hub by promoting ‘Make in India’.
- It will also suitably incorporate the use of modern smart technologies such as IOT, artificial intelligence and robotics for advanced manufacturing.