The new policy will replace the industrial policy of 1991 which was prepared in the backdrop of balance of payment crisis.
New Delhi: The proposed new industrial policy, to be released soon, would focus on areas such as promotion of digital ports and use of big data to boost India's exports and manufacturing sector, an official said.
Although India has improved its ranking on several parameters of ease of doing business, it is still lagging in trading across borders. The official said that the new policy aims at strengthening global linkages and increasing India's share in the world goods trade from the current 2 per cent. Domestic traders face several issues as they have to comply with both physical and electronic processes.
Removing barriers at external trade front is very important and fundamental for integration with the world market. "Countries across the globe have adopted best practices and leveraged technology for de-congesting ports and fast tracking custom clearances," the official added.
For faster clearance and smooth movement of goods, the policy could suggest for promotion of digital ports, use of big data to mitigate risk and scaling up export guarantee scheme.
Big data helps getting advance cargo information and analysing it for security purposes. Similarly, digital ports expedite approvals and promote paperless clearances.
Since 2011-12, India's exports have been hovering at around USD 300 billion. During 2017-18, the shipments grew by about 10 per cent to USD 303 billion.
The new policy will replace the industrial policy of 1991 which was prepared in the backdrop of balance of payment crisis. It will also look to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence.