New Industrial Policy which will replace 27-yr-old existing policy and boost business environment has been sent for Cabinet’s approval.

The Policy aims to resolve bottlenecks arising from inadequate infrastructure, restrictive labour laws and complicated business environment. It also aims to create jobs for next two decades and attract $100 bn FDI annually.

It is in sync with ‘Make in India’ target to increase share of manufacturing from 16-17% to 25% by 2022.

The govt. may provide incentives for use of transformational technologies like artificial intelligence, internet of things, and robotics.

A steering committee for effective implementation of policy is also on anvil.