Government constitutes working group to prepare contours of new industrial policy

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News:Government has constituted a working group to prepare the contours of a new industrial policy to make India a manufacturing hub. 

Facts:

  • This will be the third industrial policy after the first in 1956 and the second in 1991.
  • The new industrial policy will replace the industrial policy of 1991 which was prepared in the backdrop of the balance of payment crisis. 
  • The policy will be prepared with an aim to (a)create jobs for the next two decades (b)promote foreign technology transfer and (c)attract $100 billion foreign investment annually. 

About the working group:

  • The working group will be chaired by the Department for Promotion of Industry and Internal Trade (DPIIT) secretary.
  • The group has government representatives from seven states including Andhra Pradesh, Assam, Gujarat, Uttar Pradesh, Maharashtra, besides other two as members. 
  • The group will also have members from industry chambers, including FICCI, CII and Federation of Indian Export Organisations (FIEO) and additional secretary/joint secretary from six ministries including commerce, revenue, economic affairs and MSME 
  • It will consult stakeholders, identify pain points of industry and develop actionable solutions for short and medium term.
  • It will also delineate the role for private sector in achieving the national targets.