Today, President Ram Nath Kovind said that the government will soon announce a fresh industrial policy at promoting the growth of industries and create jobs. While 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,” he said. The industrial policy of 1991, which was formed in the backdrop of balance of payments crisis, will be replaced by the new policy. This is the third industrial policy after the ones released in 1956 and 1991.
The intention of the policy is to promote emerging sectors and modernize existing industries. It will also look to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence.
In August 2017, the Department for Promotion of Industry and Internal Trade (DPIIT), under the Commerce and Industry ministry, proposed a draft industrial policy aiming to create jobs for the next two decades, promote foreign technology transfer and attract USD 100 billion FDI annually.
Last year, the department submitted a cabinet note on the policy. President Kovind said that the government would work with states to form a conducive environment for business in the country. “Now our goal is to be among the top 50 countries of the world. In order to achieve this, the process of simplification of rules will be further expedited in collaboration with states.
“Necessary amendments are also being brought in the Companies Law,” he added. To ensure that entrepreneurs associated with the sector do not face any problem in accessing credit, the credit guarantee coverage has been raised to Rs. one lakh crore.