The proposed new industrial policy, which will replace the industrial policy of 1991, seeks to achieve One Nation-One Standard, promote startups in every district, create startup innovation zones at the level of urban local bodies, and incentivise Indian speciality products by creating premium international brands.
The draft policy, made by the Department for Promotion of Industry and Internal Trade (DPIIT), also proposes to create a Universal Enterprise ID for micro, small and medium enterprises (MSMEs) to strengthen their credit rating mechanism and MSME cluster financing models, as it aims to showcase India as an attractive investment destination.
"Sustainability, R&D, MSME and ease of doing business for manufacturing are the thrust areas of the country's industrial vision. The draft is still under stakeholder consultation," said an official.
This will be the third industrial policy, after the first in 1956 and next in 1991.
The Statement on Industrial Policy 2022 has also sought to formulate a policy to enhance the quality of the made in India products by setting up a trade surveillance system, branding of Made in India products, and benchmark the country's metrology system against international systems.
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The DPIIT plans to set up a dedicated cell for design and test frameworks for pilot applications and support their patents and commercialisation. On the sustainability front, global champions are sought to be created and the principle of 'polluters pay' to be put in place.
"Foreign direct investment in R&D needs to be encouraged and the focus has to be on high value-added manufacturing activities," the official said.
The department has suggested that MSMEs be allowed to leverage the corporate bond market and their intellectual property rights be accepted as collateral for loans besides promoting shared economy models in critical areas like equipment leasing.
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