BUSINESS

New industrial policy in a few months: Commerce Minister

Seeking accord:WTO’s mini-ministerial meet, to be organised by India, will be held in March, says Mr. Prabhu.PTI

Seeking accord:WTO’s mini-ministerial meet, to be organised by India, will be held in March, says Mr. Prabhu.PTI  

The new industrial policy, which seeks to promote emerging sectors, will be released within a few months, Commerce and Industry Minister Suresh Prabhu said on Tuesday.

“The new industrial policy should be [released] in the next few months,” he told reporters. The proposed policy, a draft of which has been prepared by the Ministry, will completely revamp the Industrial Policy of 1991. Among other things, it would endeavour to reduce regulations and widen the purview to new industries currently in focus.

In August, the Department of Industrial Policy and Promotion had floated a draft industrial policy whose aim is to create jobs over the next two decades, promote foreign technology transfer and attract $100 billion in FDI annually.

AI task force

Mr. Prabhu also said that on Tuesday, he had chaired a meeting of the task force on artificial intelligence (AI). The 18-member panel was constituted to explore possibilities to leverage AI for economic transformation.

The Ministry said in a statement that the members drafted preliminary proposals that were discussed at the meeting. Mr. Prabhu said WTO’s mini-ministerial meet to be organised by India would be held in March.

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