New Industrial policy in a few months: Commerce Minister

New Industrial policy in a few months: Commerce Minister

Context

The new industrial policy, which seeks to promote emerging sectors, will be released within a few months, Commerce Minister Suresh Prabhu said on Tuesday.

August draft envisaged attracting $100 billion in annual FDI

  • The proposed policy, a draft of which has been prepared by the Ministry, will completely revamp the Industrial Policy of 1991
  • It would endeavour to reduce regulations and widen the purview to new industries currently in focus.
  • In August, the Department of Industrial Policy and Promotion had floated a draft industrial policy whose aim is to create jobs over the next two decades, promote foreign technology transfer and attract $100 billion in FDI annually.

AI task force

The 18-member panel was constituted to explore possibilities to leverage artificial intelligence for economic transformation.

The Ministry said in a statement that the members drafted preliminary proposals that were discussed at the meeting

WTO Mini ministerial meet in March

Mr.Prabhu said WTO’s mini-ministerial meet to be organised by India would be held in March.

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