Commerce Ministry working on India’s Third Industrial Policy, focus on Make In India: Report
A draft titled ‘Industrial Policy Statement 2022 – Building India for the World’ was circulated to ministries for comment, it said.The source told PTI that the policy aims to address industry issues and challenges through specific policies to promote and create an innovative and competitive industrial ecosystem in the country. It identified six goals, including competitiveness and efficiency, economic integration and progress in global value chains, promoting India as an attractive investment destination, fostering innovation and entrepreneurship, and achieving global reach and standards the report said.
For Made in India brands, the scheme could serve as a platform for manufacturers to demonstrate local value creation and increase the credibility of the country as a source of quality product. The policy involves the establishment of development finance institutions to provide loans at competitive interest rates, the use of a portion of foreign exchange reserves for financing, and the integration of district, state, national and international market synergies. We propose a variety of strategies, including implementing investment promotion strategies and delivering performance. Credits and incentives for innovation and green growth, use of fintech, encourage MSMEs to enter the corporate bond market, and accept intellectual property rights as collateral for loans.
The policy incorporates the establishment of development finance institutions to provide loans at competitive interest rates, the use of a portion of foreign exchange reserves for financing, and the synergies of district, state, national and international markets. We propose various strategies, such as implementing integrated investment promotion strategies, delivering performance, etc. Credits and incentives for innovation and green growth, use of fintech, encouragement of MSMEs to enter the corporate bond market, acceptance of intellectual property rights as collateral for loans.
