The government is all set to unveil a new industrial policy in the upcoming Union budget. The policy is expected to revolve around the Make In India theme to re-industrialize the economy and create manufacturing jobs. It will adopt incentives to make India an exports hub & offer a medium- to long-term direction to India’s growth trajectory.
The new industrial policy will subsume the National Manufacturing Policy, though its objectives will be far wider. These include promoting emerging technologies; building an innovation-driven economy; promoting high-quality industrial infrastructure; providing enhanced access to affordable capital, especially for micro, small and medium enterprises; strengthening linkages between trade and manufacturing; enhancing skill development; and making it easier to do business. It will also encompass the use of smart technologies such as Internet of Things, artificial intelligence (AI) and robotics for advanced manufacturing.
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