The government is soon coming out with a new industrial policy that aims to speed up regulatory reforms and lower power tariffs for more competitive business and job opportunities, The Economic Times reported.

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The policy is in its final stages and is currently with the Department of Industrial Policy and Promotion (DIPP), the report said citing senior government officials.

The policy will be presented to the cabinet for approval in the next two weeks, the report said.

The policy includes the proposal of establishing a body with Centre and states representatives in order to make quick decisions on key changes such as the revamp of labour laws, according to the report.