India's new industrial policy which will be rolled out in the coming months will have a deep focus on technology and innovation to boost manufacturing and economic growth. Sources in Niti Aayog, the government's policy thinktank, told FactorDaily that while Make In India was focussed largely on programs and schemes, the industrial policy will look at the long-term development of manufacturing and create employment. The industrial policy, which the Department of Industrial Policy and Promotion and Niti Aayog is working on will be built in a way that Indian manufacturing is future ready, and that cannot be done without technology. "The idea is to prepare for future industries. For example, the way fintech, artificial intelligence and internet of things are converging (towards) manufacturing," said one source.

In a bid to give a fillip to industry and an impetus to trade and industry, the government is expected to announce a new industrial policy soon. The proposed policy will encompass the use of new technologies such as Artificial Intelligence and IoT which will open new avenues for investments in India. Rajiv Aggarwal, Joint Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India, said, "The Food Processing Sector is one of the emerging sectors in our country. The government of India's policy regime and the robust business environment has ensured that foreign capital keeps flowing into the country. The government will relax FDI regulations to give a boost to the Food Processing Sector."

NEW DELHI: The government is expected to provide incentives for use of frontier technologies like artificial intelligence and robotics in the new … The world is talking about industrial revolution 4.0 that includes artificial intelligence, robotics, deep learning and Internet of Things and incentives and there …

Photo by Kamal Kishore NEW DELHI: The government is expected to provide incentives for use of frontier technologies like artificial intelligence and robotics in the new industrial policy that is likely to be unveiled soon, sources said. Besides, the industries would also be encouraged to adopt green technologies to promote cleaner environment. The proposed policy, the draft of which has been released by the commerce and industry ministry for consultation with various stakeholders, will completely revamp the Industrial Policy of 1991. The world is talking about industrial revolution 4.0 that includes artificial intelligence, robotics, deep learning and Internet of Things and incentives and there is a need to promote adoption of these modern technologies, which are capital intensive, according to government sources. "The ministry is holding consultation with states also on the new policy to see their best practices. It will be released soon," they added.