The soon-to-be released new industrial policy would help to link domestic industry with the global supply chain, Commerce Minister Suresh Prabhu said on Wednesday.
Addressing the annual session here of the Automotive Component Manufacturers Association of India (ACMA), Prabhu said the auto component industry had successfully used the global linkage to promote sectoral growth.
“We are coming out soon with the new industrial policy. We are giving final touches to it. It has many components. One key element is how to link industry with global supply chains,” Prabhu said.
Last year, the Commerce and Industry Ministry had circulated a draft industrial policy that seeks to create jobs over a 20-year span, promote foreign technology transfer and attract around $100 billion of foreign direct investment annually.
A key thrust in the proposed policy, which will replace the Industrial Policy of 1991, is to reduce regulatory hurdles and encourage adoption of technologies of the future such as robotics and artificial intelligence. “India will become $5 trillion economy in the coming years, of which $1 trillion would come from manufacturing,” Prabhu said.