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New export-oriented industrial policy to focus on textile, leather sectors

The proposed industrial policy, currently under preparation by the Department of Industrial Policy and Promotion (DIPP) may have special provisions for manufacturing in the textile and leather sectors to boost growth. Textile is the country’s third largest foreign exchange earner. The government had floated an initial discussion paper on the proposed industrial policy back in August 2017. A final draft of the policy was expected to be released in January 2018 by the commerce ministry. The initial document focused on creation of jobs, the promotion of foreign technology transfer, the growth of micro, small, and medium enterprises (MSMEs), and the establishment of a goal to attract $100 billion FDI annually. It will also have a special focus for sectors such as apparel and footwear in which India maintains a manufacturing edge. The current industrial policy was framed back in 1991.

Read More at Business Standard News date : 9 Aug 2018, Thursday

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