Economy

Prabhu reviews proposed industry, farm export policies

Our Bureau New Delhi | Updated on August 20, 2018 Published on August 20, 2018

Suresh Prabhu K_MURALI_KUMAR

Commerce and Industry Minister Suresh Prabhu reviewed the proposed new Industrial Policy, which will replace the existing policy of 1991, and the agriculture export policy, with senior officials on Monday.

The Minister also discussed export promotion strategies that the country needs to adopt to improve performance of the export sector, according to his tweet.

“(I) held a meeting with the Commerce Secretary and senior officials of the DGFT today. Discussed various export promotion strategies and reviewed the upcoming Agri Export Policy and Industrial Policy. We are working on new initiatives to take India’s export to the next level,” Prabhu said in a tweet.

Both policies are likely to be placed before the Union Cabinet for approval soon.

‘Make in India’

It is proposed that the new Industrial Policy, being driven by the Department of Industrial Policy & Promotion, will aim at making India a manufacturing hub by promoting ‘Make in India’. It will also suitably incorporate the use of modern smart technologies such as IOT, artificial intelligence and robotics for advanced manufacturing. The six thematic areas include manufacturing; MSME; technology and innovation; ease of doing business; infrastructure, investment, trade & fiscal policy; and skills and employability for the future.

The new policy, which will replace the almost three-decades-old existing one, seeks to create jobs for the next two decades, promote foreign technology transfer and attract $100-billion FDI annually.

As part of the exercise, the government is also reviewing all regulatory policies so that all unnecessary regulations could be done away with, Prabhu recently said.

Doubling farm exports

Another important policy proposal reviewed by the Minister was the ‘Agri Export Policy’, aimed at doubling agricultural exports to $60 billion by 2022, placing India among top 10 agriculture exporters in the world and promoting stability in export rules.

In his Independence Day speech, Prime Minister Narendra Modi talked about the new agriculture export policy to be unveiled soon to boost farm income as the government was on track to achieve the target of doubling farmers’ income by 2022.

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Published on August 20, 2018
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