New industrial policy to be announced soon

President of India Shri Ram Nath Kovind stated in a sitting session of both houses that India will announce an industrial policy soon to promote industrial growth and provide jobs. He added that the policy will take into account the emergence of Industry 4.0 and aim to transform India into a global manufacturing hub. The new policy will take the place of the industrial policy of 1991 that was prepared in the backdrop of the balance of payments crisis. DPIIT had floated a draft industrial policy in 2017 that aimed to create jobs for the next two decades, promote foreign technology transfer and attract FDI of US$ 100 billion every year.