The ongoing discourse on ‘new’ industrial policies is significantly driven by a variety of contemporary developments impacting national industrial and economic prospects. Significant among these are concerns over resilience of global supply chains. Supply chain disruptions and their economically adverse impacts became especially prominent in the aftermath of the COVID19 pandemic. The sourcing disruptions caused by the pandemic, coupled with the tendency to de-risk and diversify sourcing, has led to strong state emphasis in shaping of new industrial policies. These interventions, and the application of policy instruments (e.g. production subsidies, local content requirements), contribute to the revival of global trade protectionism, impacting trade and investment flows, and the functioning of global value chains/global supply chains (GVCs/GSCs)