Home Business Look for local substitutes for imports from China: Gadkari

Look for local substitutes for imports from China: Gadkari

by BQ News Bureau
0 comment 52 views

Union Minister for Road Transport and Highways Nitin Gadkari has appealed to industries to boost exports, scale down imports in order to uplift the economy

He was addressing India@75 Summit: Mission 2022 organised by the Confederation of Indian Industry on Saturday.

“There is an urgent need to look towards improving the presence of MSME industry in the 115 identified aspirational districts of the country. Their contribution to GDP is presently negligible, but if focused attention is drawn towards them, these can uplift the employment scene in a big way,” he advised.

The Centre has been working upon a scheme for the inclusion of smallest units under MSME ambit providing for their micro-financial requirements. The MSME umbrella has been expanded and industry with investment value up to Rs.50 crore and turnover up to Rs.250 crore has been covered in the new definition of MSME. Also, the manufacturing and service sectors under MSME have been brought together by giving similar definitions to both, he pointed out.

He also called upon the CII representatives to share ideas and suggestions for improving the overall economic condition of the country. Citing China where top 10 business categories, including electrical machinery and equipment, contributed about 70 per cent to its export bill, he said with technology upgradation, India could also look for new export avenues in the MSME sector.

The CII could identify sectors to boost exports and reduce imports. Industries should explore investment opportunities on both sides of the proposed 22 expressways. This would help grow a large number of ancillary units, he said.

The Minister also urged the industry to identify sectors heavily depending on imports especially from China and look for substitutes for indigenous production to make India self-reliant.

Mr. Gadkari also asked CII to draft a proposal for insurance of roads which would remove the requirement of bank guarantee. This would speed up financial closure of road projects and in raising finances, thereby faster project completion.

Negotiation was on with the Uttarakhand government for developing Auli as a world-class tourist destination and make it a venue for events like the World Economic Forum, he added.


Leave a Comment

Related Posts