03 Feb 2018 20:13 IST

Commerce Minister starts consultations on industrial policy

Commerce Minister Suresh Prabhu Industrial Policy

Focus of government will be to make business easier for industry, says Suresh Prabhu

Commerce Minister Suresh Prabhu has kickstarted industry consultations on the proposed new industrial policy.

The first stakeholder consultation meeting took place in New Delhi on Friday, industry body Federation of Indian Chamber of Commerce & Industry (Ficci) said in a statement.

Organised by the Department of Industrial Policy and Promotion (DIPP) in partnership with Ficci, teh event was attended by more than 120 industrialists from the North-East 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.

Will ease burden of regulations

The Minister stressed the focus of the government to make business easier for industry. In this regard, he highlighted multiple initiatives 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 industrial environment that is equipped with skills, scale and technology.

DIPP policy

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 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 February 9 in Delhi.

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