Modi Govt. to Bring this New Policy Soon? Know About Import Substitution

In the wake of the economic situation created by the COVID-19 pandemic, a policy on import substitution is being mulled by the Modi government. According to Union Minister for MSME and Road Transport and Highways, government is considering introducing a policy on import substitution. Moreover, he urged India Inc to upgrade technologically and come up with cost-effective substitutes to reduce the country’s inward shipment. Union Minister Nitin Gadkari said the industry may not be shut for a long time, and several relaxations could be given by the end of May. He urged various stakeholders to convert knowledge into wealth by improving quality through innovations and cutting cost.

The minister was addressing representatives of the Association of Lady Entrepreneurs of India, technical service providers and performing artists from the entertainment sector in separate meetings via video conferencing. Gadkari emphasised that special focus towards export enhancement is the need of the hour, and necessary practices shall be adopted to reduce the cost of power, logistics and production to become competitive in the global market.

Further, he said there is also a need to focus on import substitution to replace foreign imports with domestic production. Gadkari said the industry should focus more on innovation, entrepreneurship, science and technology, research skill and experiences to convert the knowledge into wealth.

He also stressed the need for greater formalisation of the entertainment industry.

Earlier, it was reported that in order to boost the morale of the entrepreneurs who have been suffering due to the lockdown, Union Minister Nitin Gadkari has been talking to various stakeholders and telling them not to lose hope. Gadkari has been using social media and other means like video conferencing to reach out to people, entrepreneurs and industry leaders.

Gadkari is even reaching out to foreign students, seeking their suggestions on how to bring the battered economy back on track. He believes only dialogue can solve problems.

Source:Zee Biz

Image Courtesy:Business Standard