Govt may launch import substitution policy: Gadkari
Union Minister for MSME and Road Transport and Highways, Shri Nitin Gadkari said the government is considering introducing a policy on import substitution in the wake of the economic situation created by the COVID-19 pandemic.
He urged India Inc to upgrade technologically by improving quality through innovations and cost cutting substitutes to reduce the country’s inward shipment. He called on the industry to harness entrepreneurship, science and technology, research skill and experiences to be able to convert the knowledge into wealth and to replace foreign imports with domestic production.
The minister stated that the industry may not be shut for a long time, and several flexibilities could be given by the end of May. Gadkari stressed that special focus towards export enhancement is the need of the hour and in cognizance of this fact, necessary practices shall be adopted to reduce the cost of power, logistics and production to become competitive in the global market.