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India working on new industrial policy with textile focus

13
Aug '18
India working on new industrial policy with textile focus
The Indian commerce and industry ministry is reportedly working on an industrial policy that may have special provisions for manufacturing in the textile and footwear sectors and expanding export hubs, which are concentrated in a few states now, across the country. It will tie in existing initiatives and be a focal point for various industry-wise policies.

As Maharashtra, Gujarat, Karnataka, Tamil Nadu and Telangana account for 70 per cent of India’s exports, the government plans to stop this ghettoisation of exports.

Centred around technological issues of Industry 4.0, the proposed policy will absorb the 2011 national manufacturing policy and will push further the Digital India initiative, a senior Department of Industrial Policy and Promotion (DIPP) official told a top Indian business daily.

While an initial discussion paper on the proposed industrial policy was floated in August 2017, a final draft of the policy is yet to be released in the public domain despite an announcement by the ministry that the final draft would be put out by January this year.

The initial document focused on the creation of jobs, the promotion of foreign technology transfer, the growth of micro, small, and medium enterprises, and the establishment of a goal to attract $100 billion foreign direct investment annually.

The proposed policy may also take note of the slowdown in low-skilled jobs in China, which was pointed out by the Economic Surveys in the last three years, and promote mandatory domestic procurement norms.

The current industrial policy was framed in 1991. (DS)

Fibre2Fashion News Desk – India


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