'New industrial policy to focus on modernising existing industries in India'

Thursday 15th March, 2018

Article Details
Publication  The Pioneer
Source  PTI
CCM  30.29
Edition  New Delhi
Supplement   NA
MAV  181,740
Language  English
Page  11
Circulation  133,013

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'New industrial policy to focus on modernising existing industries in India'
The new industrial policy, which will be released soon, will focus on modernising existing industries, besides pushing for frontier technologies like robotics and artificial intelligence, on Wednesday said.
The Ministry has already released the draft industrial policy, seeking views of all stakeholders.
"Because of new industries, what (will) happen to existing industries? Our policy focuses on modernising existing industries as a first step," he said here at the AIMA function.
The Minister also asked industries to come forward to respond on the changes which would come up on account of Industrial Revolution 4.0.
The term Industrial Revolution 4.0 is synonymous with smart manufacturing and it encompasses cyber-physical systems, Internet of Things, robotics, artificial intelligence, cloud computing and cognitive computing.
Commerce & Industry Minister Suresh Prabnu
On fears that introduction of these technologies would impact jobs, the Minister said these new technologies may have some implications on employment generation in one sector, but it would create huge job opportunities in several other areas.
Further, he said that India's economy would reach $5 trillion in the coming years; and out of this, 20 per cent is expected to come from manufacturing sector. "While we modernise existing industries, we should focus on new industries also" as they will drive the growth of tomorrow, he said.