The idea is to develop globally competitive business enterprises that can further create opportunities for employment and sustainable livelihoods.
It requires establishing such industries that are equipped with innovation, technology; financially viable and environment friendly; and whose benefits are shared by all sections of the society, the official added.
In order to seek the views of different ministries and departments the initial draft policy is being circulated. The policy would work in tandem with the Skill India Mission to enhance employability of future workforce, and with the foreign trade policy to enhance India's share in global merchandise exports.
The policy will ensure that incentive regime for industry is competitive by balancing the implementation of macro fiscal and monetary policies.
It will also work to restore investments into industry and manufacturing with a balanced focus on both quantity and quality of investments.
The draft has also suggested a detailed implementation mechanism of the policy under which it has recommended setting up of a national industrial competitiveness council and a steering committee.
Some new suggestions were made after it was sent to the cabinet by the department. Now these changes have been addressed by DPIIT and the new industrial policy is ready. This is the third industrial policy after the ones released in 1956 and 1991.
It will replace the industrial policy of 1991 which was prepared in the backdrop of the balance of payments crisis.
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