President Ram Nath Kovind on Thursday said that the government will soon announce a new industrial policy aimed at promoting growth of industries and creation of jobs.

Addressing thejoint sitting of both Houses of Parliament, the President said that the work isunderway in full earnest to transform India into a global manufacturing hub.

Kovind alsostated that keeping in view Industry 4.0, a new industrial policy will beannounced shortly. The new policy will replace the industrial policy of 1991which was prepared in the backdrop of balance of payment crisis and this willbe the third industrial policy after the ones released in 1956 and 1991.

The newpolicy to be introduced soon aims at promoting emerging sectors and modernizingexisting industries and it will also look to reduce regulatory hurdles andencourage adoption of frontier technologies such as robotics and artificialintelligence.