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Suresh Prabhu starts industry consultation on new industrial policy

Suresh Prabhu starts industry consultation on new industrial policy

Commerce minister Suresh Prabhu has kickstarted industry consultation on the proposed new industrial policy.The first stakeholder consultation meeting took place at Guwahati on Saturday, industry body Federation of Indian Chambers of Commerce and Industry (Ficci) said in a statement. The event, organised by department of industrial policy and promotion (DIPP) in partnership with Ficci, was attended by more than 120 industrialists from the northeast in addition to government officials.

In his speech, Prabhu highlighted the importance of this exercise being done after 25 years. The new policy will revamp the Industrial Policy of 1991. “He (Prabhu) highlighted that this is the first time a policy is being designed that truly listens to and objectively equips Indian industry for the future. The prior attempts in 1956 and 1991 were driven by ideology or formulated at a time of financial crisis,” the statement said.The minister stressed the laser focus of the government to make business easier for industry. In this regard, he highlighted multiple initiatives of the government to reduce the burden of regulations for the industry. He also talked about the importance of centre-state cooperation and the need for change even at the district-level, the statement added.

The meeting was also attended by Assam industries and commerce minister Chandra Mohan Patowary. The new industrial policy envisions to create a competitive Indian industry that is equipped with skill, scale and technology. DIPP in August last year floated a draft industrial policy with the aim to create jobs for the next two decades, promote foreign technology transfer and attract $100 billion foreign direct investment (FDI) annually.The department is formulating an outcome-oriented policy that provides direction, and charts a course of action for a globally competitive Indian industry that leverages skill, scale and technology. Among other things, the policy would endeavour to reduce regulations. The next meeting is likely to be held on 9 February in Delhi.