The Minister for MSME and Road Transport and Highways Nitin Gadkari has said that the government is looking to introduce a policy on import substitution in order to replace foreign imports and boost domestic manufacturing in the wake of the current economic scenario due to COVID-19 pandemic. He also urged India Inc to upgrade technologically and come up with cost-effective substitutes to reduce the country's inward shipment.
The minister 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. He also 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.
Gadkari further said there is also a need to focus on import substitution to replace foreign imports with domestic production. He said the industry should focus more on innovation, entrepreneurship, science and technology, research skill and experiences to convert the knowledge into wealth.