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Delhi government announces soon New industrial policy

New Delhi:The government will soon announce a new industrial policy aimed at promoting growth of industries and creation of jobs, President Ram Nath Kovind said Thursday. 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.

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Commerce and Industry ministry, in August 2017 had floated a draft industrial policy with an aim to create jobs for the next two decades, promote foreign technology transfer and attract USD 100 billion FDI annually.

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