BUSINESS

Centre to unveil ‘future-ready’ industrial policy in October

Smart tech:The new policy would aim at making India a manufacturing hub.AP

Smart tech:The new policy would aim at making India a manufacturing hub.AP  

Blueprint will aim to spur use of IoT, AI, robotics for advanced manufacturing

The government on Tuesday said it would announce the new ‘future-ready’ Industrial Policy in October, by suitably incorporating measures to facilitate the use of smart technologies such as the internet of things (IoT), artificial intelligence (AI) and robotics for advanced manufacturing.

The new policy would aim at making India a manufacturing hub by promoting ‘Make in India’, an official statement said, adding that it would subsume the National Manufacturing Policy.

Wide consultations

Commerce and Industry Minister Nirmala Sitharaman would hold consultations on the framework in Chennai, Guwahati and Mumbai with stakeholders, including industry captains, think tanks and State governments.

The Department of Industrial Policy and Promotion (DIPP – the nodal body for the new Policy and part of the Commerce and Industry Ministry) has sought comments, feedback and suggestions from the public, by September 25, on a discussion paper on the policy.

The ‘illustrative outcomes’ of the policy outlined in the paper include increasing the number of global-Indian firms in the Fortune-500 category in the long-term, and in the medium-term helping attract $100 billion inward FDI annually and supporting outward FDI to assert Indian presence in world markets, and addressing the problem of low job creation in the formal sector. The other ‘illustrative outcomes’ include developing alternatives to banks and improving access to capital for MSMEs through ‘peer to peer lending’ and ‘crowd funding’, providing a credit rating mechanism for MSMEs, addressing the problem of inverted-duty structure and also balancing it against obligations under multilateral or bilateral trade agreements, studying the impact of automation on jobs and employment, ensuring minimal/zero waste from industrial activities and targeting certain sectors to radically cut emissions.

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, would facilitate inputs.

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