Ministry of Commerce and Industry has initiated the formulation process of much awaited ‘future-ready’ Industrial Policy with one eye on the micro, small and medium enterprises (MSMEs) sector. The new policy is likely to be announced in October according to a government statement on August 29.
The government said the new Industrial Policy will aim at making India a manufacturing hub by promoting ‘Make in India’. It will also suitably incorporate the use of modern smart technologies such as IOT, artificial intelligence and robotics for advanced manufacturing, and subsume the National Manufacturing Policy.
“Since the last Industrial Policy announced in 1991, India has transformed into one of the fastest growing economies in the world. With strong macro-economic fundamentals and several path breaking reforms in the last three years, India is equipped to deploy a different set of ideas and strategies to build a globally competitive Indian industry,” an official press release stated.
For India to become a manufacturing hub, we are working on a policy. Suggestions welcome. https://t.co/4Ynk3f5kq5
— Nirmala Sitharaman (@nsitharaman) August 29, 2017
A consultative approach has been taken for industrial policy formulation wherein six thematic focus groups – Manufacturing and MSME; Technology and Innovation; Ease of Doing Business; Infrastructure, Investment, Trade and Fiscal policy; and Skills and employability for the future – and an online survey on Department of Industrial Policy and Promotion (DIPP) website have been used to obtain inputs.
In this regard, a discussion paper has been floated by DIPP seeking comments, feedback and suggestions from the public, by September 25. Among the various inputs welcomed, stakeholders have been asked to comment on developing alternatives to banks and improving access to capital for MSMEs – peer to peer lending, crowd funding etc, and providing a credit rating mechanism for MSMEs for easier access to funds.
Commerce & Industry Minister Nirmala Sitharaman will hold consultations with stakeholders, including industry captains, think tanks and State governments in Chennai, Guwahati and Mumbai.
— Commerce Minister (@CimGOI) August 29, 2017