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Govt to roll out policies on industry, retail trade

The new industrial policy aims to transform India into a global manufacturing hub, President Kovind said in his address. (Photo: Ramesh Pathania/Mint)Premium
The new industrial policy aims to transform India into a global manufacturing hub, President Kovind said in his address. (Photo: Ramesh Pathania/Mint)

  • Kovind’s address indicated that reforms efforts will be oriented towards bringing social equity and to help the $2.9 trillion economy reach $5 trillion by 2024
  • The government has already announced a pension scheme for traders and the self-employed

NEW DELHI : India will introduce new policies on industry and retail trade, as part of the government’s reforms initiatives to boost manufacturing and to build a competitive retail market, President Ram Nath Kovind said on Thursday.

Kovind, in his address to a joint session of Parliament, added that while the second term of the National Democratic Alliance (NDA) government goes ahead with its reforms initiatives and steps up the attack on black money, there will be a “zero tolerance policy" on corruption.

Kovind’s address indicated that reforms efforts will be oriented towards bringing social equity and to help the $2.9 trillion economy reach $5 trillion by 2024.

“Work is underway in full earnest to transform India into a global manufacturing hub," Kovind said, adding that the new industrial policy will be announced shortly in view of the revolution taking place in the industry. Efforts are also on to improve India’s position in the World Bank’s ease of doing business ranking from 77 now to 50. For this, rules will be simplified and the Companies Act will be amended, besides both direct and indirect tax systems will be simplified, said the President.

“The campaign against black money will be taken forward at a faster pace. During the last two years, 4.25 lakh company directors have been disqualified and the registration of 3.5 lakh suspicious companies revoked," Kovind added.

A national trade welfare board will be set up and a national retail trade policy will be prepared shortly, he said. The government has already announced a pension scheme for traders and the self-employed. “Accident insurance of up to 10 lakh will also be provided to all traders registered under GST," said the President. The credit guarantee cover for small businesses will also be enhanced, he added.

ABOUT THE AUTHOR

Gireesh Chandra Prasad

Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
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