New industrial policy goes on the back-burner
NEW DELHI : The wait for India’s new industrial policy just got longer with the government expected to take a fresh look at it following global supply chain shifts, greater urgency on the green agenda, and geo-political developments, two people aware of the matter said. Late last year, the Union commerce ministry had circulated the draft of Industrial Policy 2022—Make in India for the World, aimed to replace the 1991 policy. The draft aimed to address challenges faced by the industry through policy measures to foster and create an innovative and competitive ecosystem.
“As far as the proposed new industrial policy goes, it is currently on the back-burner," the first of the two people mentioned above said on the condition of anonymity. “It would come out eventually, but not anytime soon," the person added. The policy draft had proposed to create a development finance institution using India’s forex reserves to provide low-cost finance, and a technology fund to incentivize companies in advanced technology areas.
It also sought ‘One Nation-One Standard’ to ensure the availability of quality products, promote start-ups across rural and urban areas, and push for innovation at urban local bodies. Some of its objectives were to achieve greater competitiveness and capability, economic integration, moving up the global value chain, promoting India as an attractive investment destination, nurturing innovation and entrepreneurship, and achieving global scale and standards. It also included a plan to develop mega clusters to integrate with global supply chains.
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