Working on action plan for implementing new industrial policy, says Prabhu

The commerce and industry ministry is preparing an action plan for implementing the proposed new industrial policy, aimed at promoting manufacturing and economic growth of the country, Union Minister Suresh Prabhu said Wednesday.

He said the ministry wants to keep the action plan ready for the implementation ahead of its approval from the Cabinet.

"Very soon we will be announcing the new industrial policy. It is getting delayed because before we actually go to the Cabinet, an action plan of implementing the policy is being worked out," he said here at a function.

The proposed policy aims at promoting emerging sectors and modernising existing industries.

It will also look to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence.

The Department of Industrial Policy and Promotion (DIPP) in August last year floated a draft industrial policy with an aim to create jobs for the next two decades, promote foreign technology transfer and attract USD 100 billion FDI annually.

This will be the third industrial policy after the ones released in 1956 and 1991.

Talking about free trade agreements, Prabhu said the ministry has appointed two agencies to prepare a template for negotiating these trade pacts.

In such agreements, two or more trading partners eliminate customs duties on a maximum number of goods traded between them.

(With inputs from agencies.)