National Industrial Policy To Develop Global Value Chains And Boost Manufacturing Awaits Cabinet Nod: Suresh Prabhu

Union Commerce Minister Suresh Prabhu has told that a national industrial policy that aims to develop global value chains and boost India’s manufacturing capabilities is waiting for approval from the Cabinet.

He added that businesses can grow if partnerships are made across geographic boundaries. He was addressing an event in Mumbai on Saturday, 12 January. This comment is said to have made in the context of the rising anti-trade policies of the US administration under President Donald Trump.

Mint quoted him as saying, “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. 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.”

Vice-President Venkaiah Naidu who spoke at the event said, “With population increasing, India cannot sustain on imported food security. Only a well nourished and healthy nation can be a wealthy nation. With value addition, the Indian food processing industry and horticulture have immense scope for expanding footprint.”

Minister for Trade, South Korea, Kim Hyun Chong said that they have been working towards building interactions on bilateral trade.