New Industrial policy for Made in India, DPIIT proposes scheme for the brand
- ByStartupStory | January 2, 2023
According to PTI sources, the Department for Promotion of Industry and Internal Trade (DPIIT) is working on a new industrial policy that will expand the sources of finance for industry and include a programme to promote the Made in India brand. The establishment of a development finance organization to offer financing at competitive rates and the consideration of using a portion of foreign exchange reserves for such funding are just a few of the measures it has suggested to increase the industry’s access to funding. The draft of the “Make in India for the World” industrial policy statement has been distributed to several ministries for their feedback.
According to reports, the new strategy aims to address industry problems and difficulties through specific policy measures to encourage and build an innovative and competitive industrial ecosystem in the nation. According to sources, the proposal calls for the adoption of an integrated investment promotion strategy that takes advantage of market synergies at the district, state, national, and international levels.
They claimed that the Made in India brand programme might give producers a stage on which to showcase local value addition, boosting the country’s reputation as a supplier of high-quality goods. The proposed policy also suggests leveraging fintech, encouraging MSMEs to use the corporate bond market, and recognising intellectual property rights as collateral for loans, in addition to performance-based loans and incentives for innovation and green growth. Additionally, it has recommended facilitating supply chain financing, enticing microfinance organizations to create cooperative groupings, and providing microenterprises with reasonable funding. The draft also advises including labor-intensive industries in the production-linked incentive programme and expanding social security programmes for women workers. Regarding fostering innovation, it has suggested developing national capacity building programmes and urban local government level innovation zones.
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