Working group on proposed new industrial policy
According to a government official, the government will soon constitute a working group on the proposed new industrial policy which will work on the previous recommendations and submit it to the Department for Promotion of Industry and Internal Trade (DPIIT) for review.
The policy is aimed at promoting emerging sectors, reducing regulatory hurdles and making India a manufacturing hub and will replace the earlier one which was drafted in 1991 in the backdrop of the balance of payment crisis. It will also subsume the National Manufacturing Policy (NMP). The process of formulation of a new industrial policy was initiated by the DPIIT in May 2017.