In order to achieve the one nation, one standard, promote start-ups in every district, establish a start-up innovation zone at the level of urban local bodies, and encourage Indian speciality products by developing premium international brands, a new industrial policy that will replace the one from 1991 is being proposed.
In order to boost MSME credit rating mechanisms and MSME cluster financing models and promote India as an appealing investment destination, the Department for Promotion of Industry and Internal Trade (DPIIT) has also proposed creating a universal Enterprises ID for MSMEs.
The focal points of the nation’s industrial vision are sustainability, MSME, and ease of doing business for manufacturing. The draught age is still being discussed with stakeholders,
After the first industrial policy in 1956 and the second in 1991, this will be the third.
The industrial policy statement By establishing a trade monitoring system, branding made in India items, and comparing the nation’s metrology system to worldwide systems, 2022 has also aimed to develop a policy to improve the quality of made in India products.
The DPIIT intends to establish a specialised cell for the design and testing of pilot application frameworks and to promote their commercialization and patenting. On the front of social sustainability, the creation of global champions and the enthronement of the polluters’ payment principle are priorities.
It is necessary to promote foreign direct investment in R&D, and high value-added industrial activities have been the focus.
In addition to encouraging shared economy models in crucial domains like equipment leasing, the Department has recommended that MSMEs be permitted to use the corporate bond market and their intellectual property rights to be considered as collateral for loans.