The government has started the exercise to formulate the new National Postal Policy 2012, in order to rejuvenate and bring the postal sector to the centre stage of economic development.

The Department of Post (DoP) will organise a round-table conference next month to discuss various dimensions of the policy with key stakeholders.

"DoP may complete this (discussion) exercise by April, 2012," Minister of Communications and Information Technology Kapil Sibal said, adding that the agenda of the same should be submitted by November 20.

The government said National Postal Policy (NPP) would have clear goals, defined role of various operators in the sector and regulatory mechanism in place.

"The postal sector is a key information medium that contributes to both the economic and social development. In recent years, the postal market place has grown increasingly competitive, complex and essential," Sibal added.

The minister in his communication to the DoP has indicated that the new policy should be in line with market dynamics and postal sector should contribute to social and economic development of the country.

"A comprehensive policy must be compiled to guide and regulate the development, growth and contribution of this sector over the next five to 10 years," Sibal said.

DoP had earlier come up with a National Postal Policy, which is viewed as 'prototype' of the policy, a senior ministry official said.

The policy was written by couple of postal department officers without consultation with the industry, the official added.

The new policy will be framed in consultation with various stakeholders of the Indian postal sector which will include various players in logistics, courier and e-commerce business.

"NPP'12 will have clear goals in terms of job creation, potential investment, guidelines for postal services and strategic focus area for the sector," the official said.

With over 1.5 lakh post offices India's Department of Post has the one of the largest postal network in the world.

In order to match the rapid growth of the country, DoP is undergoing various radical changes which includes a proposal to convert over 1.5 lakh post offices across the nation into full-fledged banks on the anvil.

The post offices currently offer financial services like savings bank, postal life insurance, pension payments and money transfer services.