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Govt forming scheme to encourage import substitute products in manufacturing: Gadkari

13 Jan 2020 Evaluate

With an aim to save foreign exchange, the Union minister for micro, small and medium enterprises (MSMEs) Nitin Gadkari has said that the Centre is formulating a scheme to encourage ‘import substitute products’ in the manufacturing. India has increased import tariffs or imposed duties by withdrawing exempt status of goods over the past few years to encourage local manufacturing.

The minister mentioned that there are many industries which are working on import substitute products and saving the nation's money and added that in order to encourage these industries, the Central government is forming a scheme.

Besides, Gadkari noted that many companies go bankrupt and the consequences are faced by the smaller units attached to it. He said the government will look into this matter seriously and policy will be framed for the same. He also expressed a need that the industrial sector should work on cutting down expenditure on power, logistics and capital by exploring new dimensions.

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