New Delhi: Commerce and Industry Minister Suresh Prabhu said the proposed new industrial policy has been finalised and the new government would announce that. “We have finalised the industry policy. I am sure that the new government will announce that soon,” Prabhu said. Though the ministry has sent the final proposal of the policy to the Cabinet, but it was not taken up for consideration. It aims at promoting emerging sectors and modernising existing industries. It will also look to reduce regulatory hurdles, cut paper work and support emerging and new sectors.
The ministry has planned to set up an elaborate machinery including a steering committee for effective implementation of the policy. This will be the third industrial policy after the ones released in 1956 and 1991. It will replace the industrial policy of 1991 which was prepared in the backdrop of the balance of payment crisis.
