The government will soon announce a new industrial policy aimed at promoting growth of industries and creation of jobs, President Ram Nath Kovind said.
Addressing the joint sitting of both Houses of Parliament, the President said work is underway in full earnest to transform India into a global manufacturing hub.
The new policy will replace the industrial policy of 1991 which was prepared in the backdrop of balance of payment crisis. This will be the third industrial policy after the ones released in 1956 and 1991.
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