New Industrial Policy to boost business environment sent for Cabinet's approval: Prabhu

New Delhi, Dec 10 (KNN) The New Industrial Policy,  which will replace the 27-year-old existing policy, has been sent for the Union Cabinet’s consideration, said Suresh Prabhu, Commerce and Industry Minister.

Prabhu said "For the industrial policy, the cabinet note has been sent. We were putting in place an action plan on how to implement it and that is why it took time."

The new industrial policy aims to resolve bottlenecks arising from inadequate infrastructure, restrictive labour laws and complicated business environment. 

Prabhu proposed the new regime that aims to create jobs for the next two decades and attract $100 billion foreign direct investment (FDI) annually.

The policy is in sync with the government’s ‘Make in India’ target to increase the share of the manufacturing from 16-17% now to 25% by 2022.

The policy would have some financial implications as the government may provide incentives for use of transformational technologies like artificial intelligence, internet of things, and robotics.

A steering committee for effective implementation of the policy, is also on the anvil.