“India is becoming future ready” March 2018 issue

“India is becoming future ready”

The Ministry of Commerce is expected to soon unveil a new industrial policy aimed at modernising India’s industry. In a freewheeling interaction with The Dollar Business, C. R. Chaudhary, Union Minister of State for Commerce & Industry and Consumer Affairs, Food & Public Distribution, talks about the focus areas of the new industrial policy and how his ministry plans to improve ease of doing business across sectors.

Interview by Ahmad Shariq Khan | March 2018 Issue | The Dollar Business

TDB: The Commerce Ministry has, of late, been talking about unveiling a new industrial policy. What areas will the new policy focus on?

C. R. Chaudhary (CRC): The new policy is aimed at creating jobs for the next two decades. The major themes of the new policy this time are to strengthen ease of doing business and reduce compliance costs for the industries across the spectrum. This, in turn, will boost private investments and entrepreneurship, thereby creating more jobs.

This exercise, being done after 25 years, will objectively equip Indian industry for the future. We have held consultations with all stakeholders and we recognise the dual challenge of dealing with existing issues and preparing the industry in the wake of global mega-trends such as servification, Industry 4.0, responsible industrialisation and rising protectionism world over. And these are the reasons why the new industrial policy envisions creating a competitive Indian industry that is equipped with skills, scale and technology to cater to the requirements of the future.

The policy’s key ideas include the introduction of a single ID and a digital platform for all G2B services across the business lifecycle, a paradigm shift toward self-certification and third-party certification, plug and play infrastructure for SMEs, privatising maintenance of industrial estates and creating a national R&D ...

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