New industrial policy to focus on modernising existing industries

New industrial policy to focus on modernising existing industries

New industrial policy to focus on modernising existing industries

By / India / Wednesday, 14 March 2018 07:27

New Delhi,
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, Commerce and Industry Minister Suresh Prabhu said on Wednesday.

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, robotics, artificial intelligence, cloud computing and cognitive computing.

On fears that introduction of these technologies would impact jobs, the minister said these new technologies might have some implications on employment generation in one sector, but it would create huge job opportunities in several other areas.

Further, he said India’s economy would reach USD 5 trillion in the coming years; and out of this, 20 per cent is expected to come from manufacturing sector.

Author

Hum Hindustani

Hum Hindustani

New York

Scattered showers
75°F
SSE at 11 mph /75%
Thursday
69°F / 83°F
Friday
65°F / 74°F
Saturday
62°F / 75°F

Please publish modules in offcanvas position.