Govt will step up fiscal incentives to create jobs, boost industry: Prabhu

He also said that he would ensure that entrepreneurship would blossom in India

Commerce and Industry Minister Suresh Prabhu on Thursday said he is working closely with the finance ministry and other departments to firm up policy initiatives along with fiscal incentives to give a fillip to industrial growth and job creation.

Prabhu said the country's economy is doing good and it has a huge growth potential in coming years.

"Therefore, we are putting in place all the policy frameworks. We are studying sector by sector and we are finding out wherever there is a scope for improvement," he told reporters here on the sidelines of the World Economic Forum's (WEF) India Economic Summit.

"We are taking a lot of policy measures. I am personally working with the Ministry of Finance and the Niti Aayog and all other government institutions to provide necessary policy as well as fiscal support to ensure the industry can actually produce far more than what they are doing today which will create jobs," he added.

The minister further said output numbers will all add to the GDP numbers.

Speaking at a session, he said the government is taking lots of steps to improve ease of doing business in the country, "but a lot more needs to be done".

Prabhu observed that India should be the easiest place to do business.

"My job is to ensure that entrepreneurship to blossom in India," he said, adding that the ministry is also working on an industrial policy.

The policy, he added, assumes significance as the future of manufacturing would not be same as it is today. "So, we are working on some of the emerging industries," Prabhu said, suggesting that excess capacity utilisation can be increased by enhancing domestic consumption and exports.