The proposed policy will completely revamp the Industrial Policy of 1991.
New Delhi: The commerce ministry has circulated a draft cabinet note seeking views of different departments on the proposed industrial policy that aims to promote emerging sectors, Union minister Suresh Prabhu said.
"We have circulated (the draft policy) to all the ministries for their views," the commerce and industry minister told PTI.
He said that the policy aims at modernising the existing industries, reducing regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence. The proposed policy will completely revamp the Industrial Policy of 1991.
After receiving comments from various ministries and departments, the commerce and industry ministry will finalise the note and move it to the Cabinet for the final approval.
The Department of Industrial Policy and Promotion (DIPP) in August last year floated a draft industrial policy with the aim to create jobs for the next two decades, promote foreign technology transfer and attract USD 100 billion FDI annually.
The department is working on an outcome-oriented actionable policy that provides direction, and charts a course of action for a globally competitive Indian industry that leverages skill, scale and technology.
Talking about public procurement policy, Prabhu said the ministry would ensure that products made in India will have a preference of minimum purchase by public sector companies.
"Many ministries have to agree (on this), so we are holding a series of meetings," he said.
He also said that the ministry is trying to ensure that even self-help groups (SHGs) and artisans could offer their goods on the government e-market place (GeM) portal.
"We are trying to propose that products made by SHGs and artisans should also be displayed (at GeM). We will have to follow a due course and quality control," he added.
Prime Minister Narendra Modi during a review meeting had expressed concern over barriers imposed against domestic manufacturers and suppliers in tenders being floated for public procurement.