The DPIIT is working actively on the e-commerce in addition to new industrial policies, and the two are expected to be published at the end of the fiscal, a top official has said.
“I personally believe these two policies will be prepared with this fiscal year end,” Department for Promotion of Industry and Internal Trade Trade (DPIIT) Secretary Guruprasad Mohapatra told PTI.
He explained that the section has completed several round of stakeholders’ meetings on both the coverages.
The authorities in February published a draft nationwide e-commerce policy, suggesting establishing a legal and technical framework for constraints on cross-border information flow and laid out conditions for companies regarding processing or collection of sensitive information locally and keeping it overseas.
Several foreign e-commerce companies have increased concerns over several points in the draft pertaining to information.
The section has received enormous response about the draft and it’s analyzing all of the views and opinions.
“We’re working actively on both policies,” Mohapatra said.
Since the draft coverage includes several provisions related to information, the section is also taking a look at the Personal Data Protection Bill accepted by the Cabinet earlier this month.
The suggested new industrial coverage is targeted at boosting emerging businesses, reducing regulatory hurdles and making India a manufacturing hub.
This is going to be the next industrial coverage following the initial in 1956 and the next in 1991. It’ll replace the industrial coverage of 1991 that was prepared at the background of this balance of payment crisis.
The DPIIT had pioneered the procedure for formulation of a new industrial policy in May 2017. The policy will subsume the National Manufacturing Policy (NMP).
It’d floated a discussion paper on the coverage with a goal to make jobs in next couple of years, encourage overseas technology transfer and draw USD 100 billion foreign direct investment (FDI) annually.