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New industrial policy to be announced soon

The government will soon announce a new industrial policy aimed at promoting growth of industries and creation of jobs.

Addressing the joint sitting of both Houses of Parliament, the President said work is underway in full earnest to transform India into a global manufacturing hub. "Keeping in view Industry 4.0, a new industrial policy will be announced shortly.

The new policy will replace the industrial policy of 1991 which was prepared in the backdrop of balance of payment crisis. This will be the third industrial policy after the ones released in 1956 and 1991.

The proposed policy aims at promoting emerging sectors and modernising existing industries. It will also look to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence.

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