The commerce and industry Ministry has constituted six groups for preparing a framework for the country’s new industrial policy that includes taxation, MSME and innovation, among others.

The Department of industrial Policy and Promotion (DIPP), under the commerce ministry, is working on this policy which would completely revamp the industrial policy of 1991, an official said.

Members of these groups include government officials, academicians and representatives of professional firms. The draft of the policy should be ready by September.

Besides taxation, MSME (micro, small and medium enterprises) and innovation and technology, the groups would prepare reports on infrastructure, intellectual property rights (IPRs), ease of doing business and employability of future workforce.

With the changing manufacturing scenario and introduction of Industrial Revolution 4.0, “there is a need to completely revamp the industrial policy of 1991”, the official said.

Industrial Revolution 4.0 means use of modern technologies, artificial intelligence and robotics in manufacturing.

The new policy also aims at aligning with the governments flagship programmes such as Make in India, Skill India, Startup India and the foreign direct investment norms.

As per the DIPP website, industrial policy since 1991 has been more for facilitating the industrial development rather than anchoring it through permits and controls.

Industrial licensing was abolished for most of the industries and there are only four industries, including defence and explosives, where licence is currently required.

Source: Times of India