GOI: Draft New Industrial Policy and National E-Commerce Policy to be released soon
On March 18, 2020 the Ministry of Commerce and Industry announced in the parliament that New Industrial Policy and National E-Commerce Policy are to be released soon. The policies are to be framed by the Department of Promotion of Industry and Internal Trade (DPIIT).
New Industrial Policy
Previously NIP was launched in 1991. Since then the policy has not been updated. The 1991 NIP aimed at Liberalization, Privatization and Globalization. It also aimed to increase economic growth rate and also to build sufficient foreign exchange reserves. The policy also focused in international flow of goods and services in the country with several restrictions. The current government has been liberalizing these restrictions and has increased the ease of doing business with India. Hence India has reached to 63rd rank in World Bank’s recent Ease of Doing Business ranking.
The New Industrial Policy will be the third policy in Indian History after the policies that were released in 1956 and 1991. Both of those policies were prepared focusing on balance of payment crisis.
The draft NIP will focus on data protection, will subsume National Manufacturing policy and will promote foreign technology transfer. IT will also aim to attract 100 billion USD foreign investment annually.
National E-Commerce Policy
The Draft National E-Commerce Policy will focus on six broad areas namely infrastructure, data, e-commerce market places, export promotion, regulatory issues and stimulating domestic digital economy.
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Month: Current Affairs - March, 2020