This Disscussion paper mentions the achievement of Industrial Policy 1991, the changes that the country witnessed since then and the current challenges they pose. Thorough this document DIPP initiates the process to formulate an outcome oriented actionable industrial policy that provides direction and charts a course of action for a globally competitive Indian industry which leverages skill, scale and technology. Consultations will be held with industry bodies, industry captains, central government departments, state governments, think tanks, academia and R&D institutes to understand perspectives of all stakeholders.