India’s Commerce and Industry Minister Suresh Prabhu said a new industrial policy is being framed after 25 years and it is ‘being designed to equip Indian industry for the future.

The minister spoke at an event organised to commence the ‘nation-wide consultations with industry on the proposed new policy. According to Prabhu, the policy is being designed in a way that it will adequately address the future needs of industry and that prior attempts in 1956 and 1991 were driven by ‘ideology or formulated at a time of financial crisis.

The minister stressed ‘the laser focus of the government to make business easier for industry.

In this regard, he highlighted multiple initiatives of the government to reduce the burden of regulations on industry. He also talked about the importance of centre-state cooperation and the need for change even at the district-level. The consultation event was organised by Department of Industrial Policy and Promotion in partnership with Ficci. The event was attended by more than 120 industrialists from the Northeast, in addition to government officials from the region, Ficci said in a statement.

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