Modi government to unveil new industrial policy in two weeks: Report

New Delhi: In what could be touted as one of the biggest reforms in nearly 30 years, the government is all set to announce the new industrial policy.

As per a report in the Economic Times, government will launch the new industrial policy in two weeks.

The Department of Industrial Policy and Promotion (DIPP) in August last year floated a draft industrial policy with an aim to create jobs for the next two decades, promote foreign technology transfer and attract USD 100 billion FDI annually. Government had in April this year finalised the new industrial policy.

DIPP will present the policy before the Cabinet for approval, ET quoting sources said.

The new policy will replace the industrial policy of 1991 which was prepared in the backdrop of balance of payment crisis.

The proposed policy aims at promoting emerging sectors and modernising the existing industries. It will also look to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence.

The department is formulating an outcome-oriented policy that provides direction, and charts a course of action for a globally competitive Indian industry that leverages skill, scale and technology.

With PTI Inputs