{"id":35386,"date":"2018-10-31T17:11:09","date_gmt":"2018-10-31T11:41:09","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=35386"},"modified":"2018-10-31T17:11:09","modified_gmt":"2018-10-31T11:41:09","slug":"centre-to-unveil-future-ready-industrial-policy-in-october","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/centre-to-unveil-future-ready-industrial-policy-in-october\/","title":{"rendered":"Centre to unveil \u2018future-ready\u2019 industrial policy in October:"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/business\/Industry\/centre-to-unveil-future-ready-industrial-policy-in-october\/article19582424.ece\"><span style=\"font-weight: 400;\">Centre to unveil \u2018future-ready\u2019 industrial policy in October<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The government on Tuesday said it would announce the new \u2018future-ready\u2019 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.<\/span><\/li>\n<\/ul>\n<p><b>What is this new policy?<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The new policy would aim at making India a manufacturing hub by promoting \u2018Make in India\u2019, also that it would incorporate the National Manufacturing Policy.<\/span><\/li>\n<\/ul>\n<p><b>Wide consultations<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Commerce and Industry Minister Nirmala Sitharaman would hold discussions on the framework in Chennai, Guwahati and Mumbai with stakeholders, including industry captains, think tanks and State governments.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The Department of Industrial Policy and Promotion (DIPP \u2013 the nodal body for the new Policy and part of the Commerce and Industry Ministry) has pursued comments, feedback and suggestions from the public, by September 25, on a discussion paper on the policy.<\/span><\/li>\n<\/ul>\n<p><b>Outcomes<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The \u2018illustrative outcomes\u2019 of the policy sketched in the paper include:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Increasing the number of Global-Indian firms in the Fortune-500 category in the long-term,<\/span><\/li>\n<li><span style=\"font-weight: 400;\">In the medium-term helping attract $100 billion inward FDI annually<\/span><\/li>\n<li><span style=\"font-weight: 400;\">It supports outward FDI to stress Indian presence in world markets, and addressing the problem of low job creation in the formal sector.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Developing alternatives to banks and improving access to capital for MSMEs through \u2018peer to peer lending\u2019 and \u2018crowd funding\u2019.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Providing a credit rating mechanism for MSMEs.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Addressing the problem of inverted-duty structure.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Balancing it against obligations under multilateral or bilateral trade agreements.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Studying the impact of automation on jobs and employment.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Ensuring minimal\/zero waste from industrial activities and targeting certain sectors to radically cut emissions.<\/span><\/li>\n<\/ul>\n<p><b>Six thematic focus groups<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Manufacturing and MSME;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Technology and innovation;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Ease of doing business;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Infrastructure, investment, trade and fiscal policy; and<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Skills and employability for the future, would facilitate inputs.<\/span><\/li>\n<\/ul>\n<p><b>What are focus groups?<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Focus groups, with members from government departments, industry associations, academia, and think tanks have been set up to delve deep into challenges faced by the industry in specific areas.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Also a Task Force on Artificial Intelligence for India\u2019s Economic Transformation has also been constituted which will provide inputs for the policy.<\/span><\/li>\n<\/ul>\n<p><b>Constraints<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The discussion paper said the constraints to industrial growth include inadequate infrastructure, restrictive labour laws, complicated business environment, slow technology adoption, low productivity, challenges for trade including the Indian MSME sector facing tough competition from cheap imports from China and FTA countries, inadequate expenditure on R&amp;D and Innovation.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">These constraints function in tandem to increase cost of goods and services.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">As they are strongly entwined, they exacerbate the disadvantages.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">\u201cThe nexus needs to be broken at more than one link to ensure that the spin-off is in the positive direction,\u201d the paper added.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Centre to unveil \u2018future-ready\u2019 industrial policy in October: Context The government on Tuesday said it would announce the new \u2018future-ready\u2019 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. What is this new policy?&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/centre-to-unveil-future-ready-industrial-policy-in-october\/\">Continue reading <span class=\"screen-reader-text\">Centre to unveil \u2018future-ready\u2019 industrial policy in October:<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-35386","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704840254},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=35386"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35386\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=35386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=35386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=35386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}