Cabinet may soon approve proposed new industrial policy: Prabhu

Commerce and Industry Minister Suresh Prabhu has said the Union Cabinet may soon approve the new industrial policy that aims at promoting manufacturing, attracting investments and creating jobs. He also said that the policy is in sync with the challenges and opportunities to be brought up by the 'fourth industrial revolution'.

The minister observed that with changing technologies in the manufacturing sector, the world is talking about the fourth industrial revolution which includes artificial intelligence, robotics, internet of things, blockchain and machine learning.  He said that India too is gearing itself to use these modern technologies to boost its manufacturing sector and increase its share in the country's gross domestic product (GDP). Besides, he noted that the proposed policy would look at ways to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence.

In August last year, the Department of Industrial Policy and Promotion (DIPP), under the commerce and industry ministry, floated a draft industrial policy with an aim to create jobs for the next two decades, promote foreign technology transfer and attract $100 billion FDI annually. The new industrial policy will replace the policy of 1991, which was prepared on the backdrop of India's balance of payment crisis.