Question.
What is “new” in New Industrial policy? In this context, state the features of the new industrial policy and explain its effects on industrial growth.
( UPPSC, UP PCS Mains General Studies-III/GS-3 2019)
Answer.
The industrial policy generally aims to provide a framework for promoting industrial development, enhancing competitiveness, enhancing gainful employment, and achieving sustainable economic growth.
New Industrial Policy ( 2019- 2022) will be the third Industrial policy after 1956 and 1991. The New Industrial Policy will replace the Industrial Policy 1991. The following are "new" in New Industrial Policy:
Aim to achieve one Nation-one standard:
GST ( Goods and Services Tax) has been implemented in 2017 with the aim of one indirect tax for the whole of India. Along the same line, many standard Industrial rules will be formulated to make it easy of doing business in India. It will help to bring foreign direct investment to India, and also it will help to make India business-friendly.
It promotes startups in every district:
New Industrial policy aims to create an innovative ecosystem in every district. In this line, Uttar Pradesh has launched the "one district, one product" to promote industrial growth in every district.
Create startup innovation zones at the level of urban local bodies:
It aims to create smart cities by creating a startup innovation zone.
Made in India:
It aims to incentivize Indian specialty products by creating premium Indian international brands. It aims to Indian brands known to be quality. It aims to create made-in-India products that matched the quality benchmarks in line with international criteria.
Universal Enterprises ID:
It also proposes to create a "Universal Enterprises ID" for micro, small, and Medium enterprises (MSMEs). It aims to strengthen their credit rating. It will be strengthening the easy flow of credit and other benefits to the Industries and also strengthen the monitoring mechanism.
In conclusion, New Industrial Policy has many new things that aim to create an innovative and startup system in every corner of the Country and also aim to make Make brand by promoting Indian brands at the International level.
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