Speaking on sidelines of an event organised by the Federation of Gujarat Industries, he said, "although the government is willing to listen to the World Trade Organization (WTO), the policy will be prepared by us."
The minister also said the new industrial policy, which aims at boosting manufacturing, promote foreign technology transfer and attract overseas investments, is also is awaiting the Cabinet approval.
Elaborating on the policy, Prabhu said, it will replace the 27-year-old existing policy, aims to resolve bottlenecks arising from inadequate infrastructure, restrictive labour laws and complicated business environment.
He also informed that the government is creating 'sub-national'- ease of doing business parameters which will be measured at the district level because that is where the local industries are flourishing.
Prabhu said countries like Russia, Japan, Korea, and Sweden have expressed interest in investing in projects like the Delhi-Mumbai Industrial Corridor and smart cities besides the railways, and public transport.