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The Commerce and industry minister, Mr. Suresh Prabhu made a review of two suggested policies on agriculture export and new industrial policy which can help to boost the country’s exports.
Prabhu tweeted, “Held a meeting with the Commerce Secretary and senior officials of @dgftindia today. Discussed various export promotion strategies and reviewed the upcoming Agri Export policy and Industrial Policy. We are working on new initiatives to take India’s export to the next level.”
Last week, the Prime Minister, Mr. Narendra Modi had told that the government will soon announce a new agriculture export policy that will boost the exports and income of farmers. The government is working towards the goal of doubling farmers’ income by the year 2022.
In the month of March, the Commerce and Industry Ministry made a draft of the ‘Agriculture Export Policy’ that will work to double the agricultural exports and also place the Indian farmers and farm products into the global value chain. This new industrial policy once ready will take place of the 1991 policy that was made under a different situation. The situation then was of the crisis of balance of payment but now the aim of the new policy will be to promote the emerging sectors and the modernization of the already existing industries. This policy will be looking to cut down the regulatory obstacles as well as support the use of latest technologies like artificial intelligence and robotics. In August 2017, the Department of Industrial Policy and Promotion has released a draft of the industrial policy that would work to create jobs for the next two decades along with promoting the foreign technology transfer and will annually bring in FDI worth $100 billion.