New Delhi, June 20 (KNN) In order to ensure that entrepreneurs associated with the Micro, Small and Medium Enterprises (MSME) sector do not face any problem in accessing credit, the credit guarantee coverage is being enhanced to Rs 1 lakh crore, said Ram Nath Kovind, President of India.

Addressing the joint session of Parliament, the President said "Keeping in view Industry 4.0, a new industrial policy will be announced shortly.”

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.

The proposed policy aims to create a conducive environment for businesses in the country, said Kovind adding that the government would work with states in further simplification of processes promoting emerging sectors and modernizing existing industries.

It will also look to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence, he added.

He said in the ease of doing business report, India has jumped 65 positions during the past five years, from a ranking of 142 in 2014 to 77 last year. Now our goal is to be among the top 50 countries of the world. In order to achieve this, process of simplification of rules will be further expedited in collaboration with states.