New Industrial Policy proposes Universal Enterprise ID for MSMEs to boost credit rating system

New Delhi, Jan 5 (KNN) The Department for Promotion of Industry and Internal Trade (DPIIT) in its draft industry policy has proposed to create a Universal Enterprise ID for micro, small and medium enterprises (MSMEs) to strengthen their credit rating mechanism.

To promote startups in every district, the proposed new industrial policy also aims to create startup innovation zones at the level of urban local bodies, and incentivise Indian speciality products by creating premium international brands, reported ET.

The proposed new industry policy is still under stakeholder consultation and will replace the industrial policy of 1991.

Its vision is set on the basis of sustainability, R&D, MSME and ease of doing business for manufacturing.

The Statement on Industrial Policy 2022 has also sought to formulate a policy to enhance the quality of the made in India products by setting up a trade surveillance system, branding of Made in India products, and benchmark the country's metrology system against international systems.

For pilot applications and support their patents and commercialisation, DPIIT plans to set up a dedicated cell for design and test framework.  (KNN Bureau)