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 the joint sitting of both Houses of Parliament, the President said that the work is underway in full earnest to transform India into a global manufacturing hub.
Kovind also stated that 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 and this will be the third industrial policy after the ones released in 1956 and 1991.
The new policy to be introduced soon aims at promoting emerging sectors and modernizing existing industries and it will also look to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence.