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Stimulus package, new MSME definition to give huge boost to industry: Gadkari

Press Trust of India  |  New Delhi 

The stimulus package announced by the government for different sectors and the new definition for MSMEs will give huge boost to industry, Union Minister Nitin Gadkari said on Sunday.

Addressing a meeting with representatives of Business Network International and MM Activ Sci-Tech Communications via video conferencing, the minister for MSME and Road Transport and Highways sought suggestions for effective implementation of the Fund of Funds announced as part of the package for MSMEs.

There is need to explore agro and fishing MSME sector, Gadkari said in a statement.

He said that all the stakeholders, including government, are facing challenges due to COVID-19.

He urged the industry to maintain a positive attitude during these difficult times to tide over the present crisis as negativity is not in anybody's interest.

Recalling that Japan government has offered special package to its industries for taking out Japanese investments from China and move elsewhere, the minister opined that it is an good opportunity for India, which should be grabbed.

He also said that work has already started on New Delhi - Mumbai Green Expressway, which passes through rural, tribal and backward areas.

This, he stressed, is an opportunity for industry to make future investments in industrial clusters, logistics parks equipped with state-of-art technology along the way passing through rural, tribal and less developed areas.

Stating that there is a need to work on decentralisation of industries from metro/big cities, he said focus should be on rural, tribal and backward areas of the country.

The minister outlined that special focus towards export enhancement is the need of the hour and necessary practices should be adopted to reduce power, logistics and production costs to become competitive in the global market.

He cited an example that by introducing vehicle scrappage policy, production cost can be reduced.

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

Gadkari shared that the Ministry of MSME is working on two booklets to cover details about last three years' export and import.

The minister mentioned that industry should focus more on innovation, entrepreneurship, science and technology, research skill and experiences to convert the knowledge into wealth.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, May 17 2020. 20:13 IST