Industrial policy 3.0 on anvil

6 Core Objectives

- India had first ind policy in 1956

- Second ind policy came in 1991

- Now, focus on competitiveness and capability

- Economic integration and global value chain

- Promoting India as global investment destination

- Nurturing innovation and entrepreneurship

- Circular and sustainable ecosystem

New Delhi: An inter-ministerial consultation is going on for formulation of a new industrial policy, which would aim at building a globally competitive business environment to increase manufacturing and exports, a top government official has said.

This would be the third industrial policy after the first in 1956 and the second in 1991. It is likely to replace the industrial policy of 1991 which was prepared against the backdrop of the balance of payment crisis.

“The policy is in the process of inter-ministerial consultation...It will focus on newer set of industries that has now come,” Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said.

The proposed policy is likely to suggest reforms to foster and create a globally progressive, innovative and competitive industrial ecosystem. The six core objectives of the policy may include focus on competitiveness and capability; economic integration and moving up the global value chain; promoting India as an attractive investment destination in the world; nurturing innovation and entrepreneurship; and circular and sustainable ecosystem. After the completion of the consultations, the department is likely to approach the Union Cabinet for its approval.

When asked about the progress on revising Wholesale Price Index (WPI) base year from 2011-12 to 2017-18, Singh said it is also in the process of inter-ministerial consultation. Revising the base year would help in presenting a more realistic picture of the price situation in the country.