Gadkaricalls upon industry to upgrade, widen import sources to attract investment

Indian industry need to undertake technological upgradation and import substitution to attract investments from global businesses that look to exit China due to the COVID-19 outbreak, Union minister Nitin Gadkari said on Saturday.

The minister has been exhorting the industry to capitalise on growing "hatred" against China amid coronavirus pandemic.

Interacting with members of the Ficci Ladies Organization in a webinar, the minister for MSME and Road Transport and Highways said recommendations for "another big package" have been shared with the Prime Minister and the Finance Minister, and said he was "hopeful of a declaration soon".

Gadkari also expressed confidence that 25 lakh MSMEs will be restructured by the end of the year.

The Reserve Bank of India (RBI) extended the restructuring of debt schemesbeyond the deadline of March 31, 2020,to December 31, 2020.

Observing that big industries from nations including Japan, the US, Germany and other European nations do not want to deal with China anymore and want to shift their businesses out of the country, the minister termed it a "golden opportunity" for Indian industry and entrepreneurs.