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Business News

May 05, 2020
9:04PM

Govt mulls on bringing import substitution policy: Nitin Gadkari

@OfficeOfNG
MSME Minister Nitin Gadkari has said that government is thinking about bringing an import substitution policy in the wake of the new economic situation created by COVID-19 pandemic.

Mr Gadkari said this while addressing the meetings with the representatives of Association of Lady Entrepreneurs of India on impact of COVID-19 on startup eco system and MSMEs and also with Technical Service Providers and Performing Artists from entertainment Sector.

The Minister emphasized that special focus towards export enhancement is the need of the hour and necessary practices shall be adopted to reduce Power cost, Logistics cost and Production cost to become competitive in the global market.

He also mentioned that there is also need to focus on import substitution to replace foreign imports with domestic production.

Mr Gadkari said, industry should focus more on innovation, entrepreneurship, science and technology, research skill and experiences to convert the knowledge into wealth.

He stressed upon the need for greater formalization of entertainment industry.

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