The New Industrial Policy will focus on reducing regulations and promoting ease of doing business at the district level, Commerce and Industry Minister Suresh Prabhu has said.

Interacting with members of industry body CII on Tuesday, the Minister said India will become a $5-trillion economy within the next 7-8 years and the manufacturing sector is expected to contribute $1 trillion to it.

“The growth would come both from the existing industries through modernisation and a part would also be from new industry,” the Minister said.

Prabhu said new products and markets need to be identified to achieve the goal of $1 trillion and detailed sectoral planning and identification of growth areas are required.

A single digital ID for companies, self-regulation, third party certification, and easier regulations will be key to industrial growth, Prabhu added.

Help to start-ups

The Minister said that the government was also focussing on promoting start-ups and helping them become competitive. The Ministry, on Tuesday, launched tools to rank States and Union Territories on the basis of measures taken by them to promote budding entrepreneurs. “The tools, the State and Union Territory start-up ranking framework, compendium of good practices for promoting start-ups in India and the Start-up India Kit, would help promote the start-up drive,” the Ministry said in a release.

The government has circulated the draft industrial policy to stakeholders and has sought inputs to incorporate in the policy.

Shobana Kamineni, President, CII, said there was a need for the industry to engage more with the government for the industrial policy.

A presentation outlining the New Industrial Policy stressed on skill, scale and technology. The policy focus would largely be on ease of doing business, aligning trade and manufacturing, access to credit for MSMEs, industrial infrastructure creation, skill development and promotion of technology.

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