Despite having everything, importing goods is not good for Indian economy: Nitin Gadkari
New Delhi, Dec 3 (KNN) Union Minister of Micro Small and Medium Enterprises (MSMEs) Nitin Gadkari on Tuesday said that despite having the coal and copper in the country, these items are still being imported from foreign countries, which is definitely not good for Indian economic.
While speaking at the summit on MSME Ecosystem themed 'Connecting Dots & Bridging Gaps’, the Minister said,'' Our country's condition is like this that we import coal and copper despite having them in our own country.
''Despite having everything our import is increasing which is is not good for Indian economy,'' he added.
Further, he also spoke on power, capital and logistic cost which are the main obstacles to MSME growing. The Minister said that cost of these need to be reduced in order to bosst MSMSE and increase their share in country's Gross Domestic Product (GDP).
While commenting on the capital cost, the minister said that as compare to other countries our capital costs are high in our country for MSME. We need to reduce capital cost.
Gadkari also stressed on water route to decrease Logistics cost,'' For the last five years i was the Ports and Shipping company and during that tenure we develop water route and we are trying to use it excessively. From Prayagraj to Haldia the work of water route has been completed and from Haldia to Bay of Bengal and we have also completed Brahmaputra water route.''
''We are also working on to reduce power cost by using solar energy,'' he said.
''If, we succeeded in reducing logistics cost, power cost and capital cost, then in we will be more viable in exports markets,'' he avowed.