The national manufacturing policy (NMP) "is of 2011 vintage", which envisaged that manufacturing should contribute 25 per cent in India's GDP by 2022, she said.
Currently, the sector contributes about 16-17 per cent to India's economic growth.
The NMP, formulated in 2011, provides certain tax and other benefits to boost the sector's growth besides creating 100 million additional jobs.
"Yes, we have initiated the process (to revamp the policy). I have instructed the secretary in the Department of Industrial Policy and Promotion (DIPP) to get into the details of that," the Commerce and Industry Minister told PTI in an interview.
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The revamped policy, she said, is also necessary as the government has to protect the interest of all segments of industry whether it is highly or partly automated and SMEs which are yet to adopt modern technologies.
"Into this debate, the Industrial Revolution 4.0 is rapidly catching up. You like it or not, some industries are bringing in robotics in a very big way; some partly using that and some others absolutely have no impact of this because they can not afford or they do not want it. But we have to have a place for all the three," Sitharaman said.
Initiatives like 'Make in India', 'Digital India' and 'Skill India' are aimed at making India a manufacturing hub and they ought to find a place in the national manufacturing policy.
"There should be some coherence. So I have asked them (DIPP) that in the context of three years of Make in India, get all these (initiatives) coming into this narrative," she said, adding that the policy should be relevant.