Mumbai: Union commerce minister Suresh Prabhu on Saturday said that a national industrial policy, aimed to develop global value chains, and to boost India’s manufacturing competitiveness, is awaiting cabinet approval.

Speaking at an event in Mumbai, Prabhu, also the country’s aviation minister, said that businesses can only grow when there are partnerships among several other geographies.

Prabhu’s comments come as India reported a decline in merchandise exports and amidst US administration under Donald Trump opening a slew of anti-trade practices against most of its trading partners, including China and India.

“Manufacturing cannot happen end to end only in one geography, and it has to be part of a global value chain and global supply chain," Prabhu said.

“That is why we are discussing a new industrial policy which is awaiting Cabinet approval, focusing on how to develop mutually beneficial value chain and supply chains," Prabhu added.

The country’s vice president, Venkaiah Naidu, who also spoke at the event, said that simplifying regulations, removing discretionary powers and decentralisation will play a key role in quickening the pace of development in the country.

Naidu, who called for greater de-regulations in India, said, “With population increasing, India cannot sustain on imported food security. Only a well nourished and healthy nation can be a wealthy nation,"

Naidu added, “With value addition, the Indian food processing industry and horticulture have immense scope for expanding footprint."

He said that the policy initiatives taken by the government like its flagship programmes like Make in India, Skill India, Digital India, Smart Cities, Start-up India and Stand-up India would take the Indian economy to $5 trillion mark.

South Korea’s trade minister Kim Hyun Chong, also present at the event, said that India possessed numerous strengths that differentiates it from other countries.

“We are working towards increasing interactions, bilateral trade and other relationships going forward," Kim Hyun Chong added.