New Industrial Policy

Why in news?

Commerce and industry minister set off a series of nation-wide consultations with the industry on the proposed new Industrial Policy by holding the first meeting in this regard at Guwahati.

FACTS FOR PRELIMS

The Department of Industrial Policy and Promotion, Ministry of Commerce and Industry initiated the process of formulation of a new Industrial Policy in May 2017.

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.  The new Industrial Policy will subsume the National Manufacturing Policy.

It is proposed that 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.

SOURCE –THE HINDU.