New Industrial Policies
New industrial policies Government pans to constitute Proposed working group: The government will soon constitute a working group on the proposed new industrial policy which is aim at promoting emerging sectors, reducing regulatory problem and making India a manufacturing hub, an official has said. This is beneficial for both India and for people who work for their own livelihoods.
Department for Promotion of Industry and Internal Trade(DPIIT) Approval-
New Industrial Policies, Earlier, the Department for Promotion of Industry and Internal Trade (DPIIT) had prepared the policy and sent it for the Union Cabinet approval, but certain new suggestions made with regard to the policy. The working group will rework on it and submit the same to the DPIIT, the official said. According to the approval this policy is valid for everyone for doing hard work and achieve success.
Group Department of Centres and States-
New Industrial Policies, The group will have members from different government departments of the Centre and states, as well as from industry chambers, including the Confederation of Indian Industry (CII).
This will be the third industrial policy after the first in 1956 and the second in 1991. It will replace the industrial policy of 1991 which was prepared in the backdrop of the balance of payment crisis. The DPIIT had initiated the process of formulation of a new industrial policy in May 2017. The new policy will subsume the National Manufacturing Policy (NMP)
Points of working group of India-
1-A consultative approach had been taken for policy formulation wherein six thematic focus groups had been used to obtain inputs.
2-The six areas include manufacturing and MSME; technology and innovation; ease of doing business; infrastructure, investment, trade and fiscal policy; and skills and employability for the future.
3-It was proposed that the new policy would aim at making India a manufacturing hub by promoting Make in India.
4-The department had floated discussion paper on the policy with an aim to create jobs for the next two decades, promote foreign technology transfer and attract $100 billion FDI annually.
5-It had outlined several constraints to industrial growth — inadequate infrastructure; restrictive labour laws; complicated business environment; slow technology adoption; low productivity; challenges for trade; and inadequate expenditure on R&D and innovation.
Government will release draft national retail policy in 10 days: DPIIT Secretary-
New Industrial Policies, The government will release a draft policy on retail trade in 10 days as it seeks to quickly implement the promises made in the election declaration of the Bharatiya Janata Party (BJP).In a meeting with key retail associations and trade bodies on Tuesday, Ramesh Abhishek, secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), said the policy would address central and state-level issues faced by retailers and would look at promoting fair and honest trade. The DPIIT is the new nodal agency for domestic trade. (including offline and online retail)
Business to enter in Manufacturing sector-(MSME) under New Industrial Policies.
New Industrial Policies, The micro, small and medium enterprises (MSME) and commerce ministries are discussing a broad range of moves to allow small businesses to foray into manufacturing sectors in which imports remain high. Both ministries are identifying the industry sub-sectors such as medical devices, pharmaceuticals, plastics, and low-end engineering goods where small businesses can be encouraged — through specific subsidies or policy intervention to make indigenously, a senior MSME ministry official said. “Our officials have met their counter parts from the commerce department to India.
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