Draft New Industrial Policy 2022

The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry (MoCI) is preparing a Draft New Industrial Policy 2022.

For this, DPIIT has circulated a draft titled “Statement on Industrial Policy 2022 – Make in India for the World” to all ministries for their views.

What is the aim of Draft New Industrial Policy 2022?

The new policy is aiming at addressing issues and challenges faced by industries through certain policy measures to foster and create a competitive and innovative industrial ecosystem in the country.

It proposes to increase financing resources for industries and a scheme for promoting “Made in India” brand.

Also Read: Draft National Retail Trade Policy

Six objectives of Draft New Industrial Policy 2022

• Competitiveness and capability
  • It will help firms to lower their costs without compromising quality and run their businesses as efficiently as possible.
• Economic integration of market and moving up the global value chain
  • It will help to reduce the cost of trade, improve availability of goods and services, and leads to greater purchasing power.
• Promoting India as an attractive investment destination
  • It will increase FDI inflow in the country, especially in the manufacturing sector. It will generate new employment opportunities and bring exchange rate stability.
• Nurturing innovation and Entrepreneurship
  • It will provide job opportunities, boost productivity and national income of the country.
• Achieving global scale and standards

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Policy proposes following strategies

• Implementation of an integrated investment promotion strategy
  • by promoting synergies in the district, state, national and international markets.
• Source of Finance
  • setting up development financial institution to provide finance at competitive rates
  • using some part of foreign exchange reserve
• Made in India brand scheme
  • to act as a platform for manufacturer to showcase their value addition which can enhance India’s credibility as a source of quality products.
• Create Indian premium international brand and showcase it as an attractive investment destination through
  • Universal Enterprise ID for MSMEs to improve their credit rating, and establish Startup Innovation Zones at urban local bodies level.
• Incentivizing public procurement program to promote “Make in India”
• Strengthen export finance for promoting export competitvness.

Also Read: National Geospatial Policy 2022