An inter-ministerial consultation is going on for formulation of a new industrial policy, which would aim at building a globally competitive business environment to increase manufacturing and exports, a top government official has said. This would be the third industrial policy after the first in 1956 and the second in 1991. It is likely to replace the industrial policy of 1991 which was prepared against the backdrop of the balance of payment crisis. "The policy is in the process of inter-ministerial consultation...It will focus on newer set of industries that has now come," Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh told PTI. The proposed
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