The Central government will soon constitute a working group on the proposed New Industrial Policy which is aimed at promoting emerging sectors, reducing regulatory hurdles and making India a manufacturing hub.
Earlier, the Department for Promotion of Industry and Internal Trade (DPIIT) had prepared the policy and sent it for the Union Cabinet approval, but certain new suggestions have been made with regard to the policy.
The working group will rework on it and submit the same to the DPIIT. The group will have members from different government departments of the Centre and states, as well as from industry chambers, including the Confederation of Indian Industry (CII).
The DPIIT had initiated the process of formulation of a New Industrial Policy in May 2017. The new policy will subsume the National Manufacturing Policy (NMP). A consultative approach had been taken for policy formulation wherein six thematic focus groups had been used to obtain inputs. The six 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.
