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New industrial policy to focus on Industrial Revolution 4.0: Suresh Prabhu

Publication - The Economic Times

Publish Date - 15 Mar 2018

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Source - Kirtika Suneja

Word count - 202

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Edition - Online Web

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Language - English

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The new industrial policy will focus on modernising existing industries, besides pushing new technologies like robotics and artificial intelligence, commerce and industry Minister Suresh Prabhu said on Wednesday.

“Because of new industries, what (will) happen to existing industries? Our policy focuses on modernising existing industries as a first step,” he said at the AIMA event here.

The ministry has sought views of all stakeholders on the draft policy.

Prabhu also asked industries to come forward to respond on the changes which would come up on account of Industrial Revolution 4.0. It refers to the current trend of automation and data exchange in manufacturing technologies such as Internet of Things, robotics, artificial intelligence and cloud computing, among others.

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.

“While we modernise existing industries, we should focus on new industries also as they will drive the growth of tomorrow,” he said.

The minister added that Indian economy would reach $5 trillion in the coming years out of which almost 20% is expected to come from manufacturing sector.