The New Industrial Policy is in sync with the challenges and opportunities for India with the fourth industrial revolution technologies
The New Industrial Policy, framed by the Ministry of Commerce & Industry in consultation with all the ministries, state governments, industry and all concerned stakeholders, embodies the Government’s intent to align India with the emerging technologies.
“The policy is in sync with the challenges and opportunities for India with the fourth industrial revolution technologies and will place the country firmly in the global supply and value chains,” Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, said on Thursday at the launch of the Centre for the Fourth Industrial Revolution in India.
WEF to set up Fourth Industrial Revolution centre in India
WEF will establish a centre for Fourth Industrial Revolution in the state of Maharashtra. The other centres are in located in San Francisco (US), China and Japan. Block chain, drones and AI are the first three projects of the centre set up in India. WEF will work in association with Government think tank NITI Aayog, academia, business leaders and start-ups on these projects.
Prabhu further said that the digital technology is driving the fourth industrial revolution and India is gearing up to adopt these technologies in every aspect of governance. This will help India to jump up in the global supply chain.
New Industrial Policy to complete soon
The new industrial policy, which is framed to promote manufacturing, creating jobs and attracting investments, is complete and will soon be cleared by the Union Cabinet, Prabhu said.
In August 2017, the Department of Industrial Policy and Promotion (DIPP), which comes under the Ministry of Commerce and Industry, came out with a draft industrial policy with the aim of creating jobs in the next two decades, to promote foreign technology transfer and for attracting $100 billion foreign direct investment (FDI) annually.
The new industrial policy will replace the policy prepared in 1991, in the wake of balance of payment crisis.