New Industrial Policy to be approved soon: Commerce Minister
New Industrial Policy to be approved soon: Commerce Minister

The New Industrial Policy, framed by the Ministry of Commerce & Industry, in consultation with all Ministries of Govt. of India, State Govt. (s), Industry and all stakeholders, is likely to be approved soon by the Union Cabinet.

Earlier, in August last year, DIPP floated the draft policy with an aim to create jobs for the next two decades, promote foreign technology transfer and attract $100 bn FDI annually. The new policy will replace the Industrial Policy of 1991.

At the launch of Centre for 4th Industrial Revolution-India, by World Economic Forum (WEF) in New Delhi, the Minister of Comm. and Industry, Sh. Suresh Prabhu, stated that the new policy embodies the Govt.’s intention to align India with the emerging technologies of drones, AI and block chain.

The policy is in sync with challenges and opportunities for India with 4th industrial revolution technologies and will place the country firmly in global supply and value chains.

WEF is setting up a Centre for the Revolution in Maharashtra. The other centres are in San Francisco, USA, Japan and China. AI, block chain and drones are the first 3 projects in India. It will work in collaboration with NITI Aayog, business leaders, academia and start-ups in these projects.

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