Govt to come out with new industrial policy: Prabhu
New Delhi, Jan 12 (KNN) The government is coming out with a new industrial policy that will link the country with the global supply-chain that will be mutually beneficial, said Suresh Prabhu, Commerce and Industry Minister.
He added that businesses can only grow when there are partnerships among several other geographies.
"Manufacturing cannot happen end-to-end only in one geography; it has to be part of a global value- chain, global supply-chain. And that is why we are discussing and finalized from my ministry side, a new industrial policy that's awaiting Cabinet approval, which focuses developing mutually beneficial value chain and supply-chain," Prabhu said while addressing a gathering at an event organized by industry lobby CII.
"So if we were to have a USD 1-trillion manufacturing GDP, a good part of that could be sourced and worked with so many other countries," he said.
"Our strategy is grass-roots development, from grass- roots to global, manufacturing to services, farming to value added and from FDI to investment by India in other countries, is the objective of our trade policy," he said.
In the services sector, which is the key export segment for the nation worth over billions of dollars, Prabhu said 12 sectors have been identified.