Indian Commerce and Industry Minister Suresh Prabhu has commented, “We have finalised the industry policy. I am sure that the new government will announce that soon.”
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The Minister said this at CII’s Annual Session 2019. The final proposal has been sent to the Cabinet.
The new industrial policy aims at promoting emerging sectors and modernising existing industries. It will also look to reduce regulatory hurdles, cut paper work and support emerging and new sectors.
If implemented, this will be the third industrial policy. The previous ones were released in 1956 and 1991.
“We are trying to bring in more FDI. FDI will come either in greenfield area or it could be through acquisition. So, we must prepare a strategy on both… We should target those companies that can invest because they have investable surplus and same time, we must have a matching sectoral strategy wherein inbound investments can be absorbed,” the Minister said.
Suresh said that in 2018-19, India’s exports of goods and services would touch about USD 540 billion. FDI in India during April-December 2018 declined by 7 percent to USD 33.5 billion.
The country’s exports grew 8.85 percent to USD 298.47 billion during the April-February period of the current financial year.