Business & Finance

Union minister Suresh Prabhu says, centre will unveil new industrial policy soon

The Centre will soon unveil a new industrial policy in tune with the latest trends, as part of the government’s measures to make India a $5 trillion economy by 2025-26, Union minister for commerce & industry and civil aviation Suresh Prabhu said on Thursday. The new policy will drive manufacturing to account for $1 trillion of the country’s economy by that time.

“In the past, only twice – in 1956 and 1992 – the new industrial policy was unveiled for the nation. Unlike the earlier policies, which were driven by ideologies, the new policy to be unveiled soon will be primarily designed for growth of an industry,” Prabhu said, after inaugurating ACMEE 2018, the 13th International Machine Tools exhibition, organised by AIEMA (Ambattur Industrial Estate Manufacturers Association) in Chennai on Thursday.

According to Prabhu, artificial intelligence, robotics and 3D printing will redefine manufacturing and make way for the new industrial revolution that the world is heading for.

“Now, we need to provide better infrastructure for the industry to grow,” Prabhu said. He praised former Tamil Nadu chief minister K Kamaraj for his foresight in planning an industrial estate in Ambattur way back in 1963.

“States become the partners for implementing the Centre’s policies. Without the right support of each other, we cannot take this forward. Make in India is a great push towards achieving manufacturing excellence. But, the land is becoming more and more an issue anywhere in the country,” the minister said.

“Tamil Nadu is known to deliver good infrastructure for industries. It is already developed and we will make it more developed through our Centre-state partnership,” he said.

The Centre is taking two new initiatives to drive country’s GDP growth. While Ease of Doing Business will soon be focused on each district, the thrust will also be on driving the GDP growth of the districts.

“If each district can achieve 3% higher GDP growth than the country, then the country’s GDP growth increases. We have undertaken a pilot project in six districts in five states. Once successful, it will be taken forward across the country,” he said.

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