Date : 19-May-2020
Subject : Relief package for different sectors & new MSME definition will give huge boost to industry: Nitin Gadkari

NEW DELHI: Union Minister for MSME and Road Transport and Highways Shri Nitin Gadkari has said that the relief package announced by the Union Government for different stakeholders/sectors including MSME, labour, agriculture etc. and the new definition of MSMEs will give huge boost to industry. He called for exploring the rating of MSMEs and asked the participants to give suggestions for effective implementation of Fund of Funds announced as part of the package for MSMEs.

Shri Gadkari said this while addressing meetings with the representatives of Business Network International and MM Activ Sci-Tech Communications via video conferencing on “Impact of COVID-19 on MSMEs” and “Future of Indian Industry after 20 lakh crore package” respectively.

 Shri Nitin Gadkari also said that there is need to explore Agro MSME and Fishing MSME sector.

 The Minister stated 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 Government of Japan has offered special package to its industries for taking out Japanese investments from China and move elsewhere, he opined that it is an good opportunity for India which should be grabbed.

The Union Minister emphasized that special focus towards export enhancement is the need of the hour and necessary practices shall be adopted to reduce power cost, logistics cost and production cost to become competitive in the global market. He cited an example that by introducing vehicle scrap page 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. The Minister shared that the Ministry of MSME is working on two booklets to cover details about last three year’s export and import.

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

Source: dst.news

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