Government may announce a new ‘outcome-oriented’ industrial policy by October

Government may announce a new ‘outcome-oriented’ industrial policy by October

Nirmala Sitharaman to hold consultations with stakeholders, including industry captains, think tanks and states to finalise the policy.

Government will announce the new industrial policy in October this year, seeking to make India a manufacturing hub by promoting ‘Make in India’ and addressing the issue of slower job creation.

Commerce and industry minister Nirmala Sitharaman will hold talks with stakeholders, including industry captains, think tanks and state governments in Chennai, Guwahati and Mumbai to finalise the policy.

In a press statement, Department of Industrial Policy and Promotion (DIPP) said the government wants to formulate “an outcome oriented actionable industrial policy that provides direction and charts a course of action for a globally competitive Indian industry which leverages skill, scale and technology.”

DIPP has floated a discussion paper to have a “future ready new industrial policy” to seek comments while flagging jobs concerns. It warned of projected upward trends in automation leading to job losses and disproportionately slower growth in creation of jobs as compared to growth in output.

“It is time to shift from a policy of ‘continuity with change’ in 1991 to radical and accelerated reforms for greater strategic engagement with the world,” the discussion paper said.

The paper sets out clear strategic objectives the policy seeks to achieve, offering illustrative outcomes and the questions that need to be answered for arriving at solutions.

The objectives include: establishing global linkages, enhancing industrial competitive ness, employing gainfully a growing workforce, ensuring sustainability and responsibleindustrialisation and enabling an ecosystem for technology adoption and innovation.

The industrial policy will be rely on inputs from six thematic groups and an online survey on the DIPP website. Six thematic areas for the policy include manufacturing and MSMEs, technology and innovation, ease of doing business, infrastructure, investment, trade and fiscal policy and skills and employability.

A task force on ‘Artificial Intelligence for India’s Economic Transformation’ has also been constituted to provide inputs for the industrial policy.

It has also suggested a review of the FDI policy to ensure that it facilitates greater technology transfer, leverages strategic linkages and innovation.

The Economic Times, New Delhi, 30th August 2017

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