The new industrial policy, which aims at promoting manufacturing, attracting investments and creating jobs, is ready and will soon be approved by the Union Cabinet, Commerce and Industry Minister Suresh Prabhu said Thursday.
He said the policy is in sync with the challenges and opportunities to be brought up by the 'fourth industrial revolution'.
"The new industrial policy is ready for a while. It has to be approved by the Prime Minister," Prabhu said at an event here.
With changing technologies in the manufacturing sector, the world is talking about the fourth industrial revolution. It includes artificial intelligence, robotics, internet of things, blockchain and machine learning.
India too is gearing itself to use these modern technologies to boost its manufacturing sector and increase its share in the country's gross domestic product (GDP).
The proposed policy would look at ways to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence.
The Department of Industrial Policy and Promotion (DIPP), under the commerce and industry ministry, 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.
The new policy will replace the industrial policy of 1991 which was prepared in the backdrop of the balance of payment crisis.
The ministry is also considering to set up industrial health clinics to deal with sickness in the micro, small and medium enterprises (MSMEs) as part of the proposed policy.
Prabhu pointed out that the fourth industrial revolution is going to displace jobs so "we need to re-skill our workforce".
Speaking at the event, Niti Aayog CEO Amitabh Kant said that India needs to make its workforce multi-skilled.
(With inputs from agencies.)