India will become the next engine of growth for the world after the launch of a new industrial policy that would focus on modernising existing industries and increasing start-ups, Union Minister for Commerce and Industry Suresh Prabhu said.

Addressing the Indian  diaspora in South Africa, Prabhu shared details of the new policy. Prabhu was leading a high level business delegation to Johannesburg to participate in the two day India South Africa Business Summit 2018 which began on April 29. Prabhu said there would be a shift from the first policy of 1956 which promoted industrialisation and that of 1991 which was driven by compulsion as India faced a severe economic crisis. According to the minister, the new policy would consist of three main elements – modernising existing industries, bringing new industries into place, and increasing startups.