Indian Industry Including MSMEs Should Convert Covid-19 Crisis Into An Opportunity

Nitin Gadkari, Minister of Road Transport and Highways and MSMEs has said that Indian industry including MSMEs should convert this crisis into an opportunity, accelerate infrastructure projects and win this war against Corona to achieve economic growth. Addressing FICCI's National Executive Committee Meeting via video conferencing, Gadkari noted that given the current dismal standing of China in the global market, the Indian industry including MSMEs should look at the current situation as a blessing in disguise. Gadkari suggested that exports from India can be increased by reducing cost of power, capital and logistics. Talking of MSMEs Gadkari said that in this economic crisis that has arisen due to COVID 19 pandemic, it is important to protect MSMEs which contributes 29% in India's economy. The Minister indicated that a decision has been taken to increase the limits for defining of MSMEs which will further increase the coverage of MSMEs. He mentioned about enhancing the purchasing power of the individuals and increasing the liquidity in the market. Mr Gadkari stated that dues of MSMEs at central and state level will be released at the earliest and urged the private sector to clear the dues of MSMEs. He estimated that Rs 40,000-50,000 crore could be injected in the market by releasing the due payments.

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