Ranchi: The state cabinet on Tuesday gave its nod to the new Jharkhand Industrial and Investment Policy (JIPP) 2021. The new policy will replace the existing Jharkhand Industrial Policy of 2016, which was adopted during the tenure of former chief minister Raghubar Das. “The JIPP will be in effect for five years. Through this policy, the government aims to fetch investments worth Rs 1 lakh crore in the state and provide employment to 5 lakh people,” cabinet secretary Vandana Dadel said. As reported by the TOI in March this year, the JIPP aims to focus on 20 sector specific industries, of which eight have been termed high-priority sectors. These include apparels, automobile, auto components and electric vehicles, agro-food processing and meat processing, pharmaceuticals and electronic systems and design manufacturing (ESDM).