New industrial policy to be out by month-end

The Centre may announce a new industrial policy for the country within this month. The new policy will replace the industrial policy of 1991 prepared at a time when India was struggling with one of the worst balance of payments crisis.

Prime Minister Narendra Modi is expected to make an announcement to this effect in his Independence Day speech on August 15. Sources privy to the development said the policy, which is almost in its final stages of preparation, will focus on emerging industries, modernisation of existing industries with a special focus on small and medium firms and startups.

“The new industrial policy will reflect the contemporary economic realities as well as new and emerging problems related to industries. It will focus more on small and medium industries, as also startups with a view to promoting ease of doing business for them,” an official to DH. The policy will aim at increasing job avenues for the youth of the country, the technological advancement in the policy and use of frontier technologies such as robotics and artificial intelligence are expected to attract more investment in the country and also increase India’s export competitiveness in the new and emerging markets, the official said.

Commerce and Industry Minister Suresh Prabhu had recently said that the government was also working towards removing the undue regulations in the industrial policy to make it more business-friendly.