Govt thinking of bringing import substitution policy: MSME Minister

New Delhi, May 5 (KNN) Ministry of Micro Small and Medium Enterprises (MSME) Minister Nitin Gadkari on Tuesday asserted that the government is thinking about bringing an import substitution policy in the wake of the new economic situation created by COVID-19 pandemic.

The Minister said this while addressing the representatives of Association of Lady Entrepreneurs of India on impact of COVID-19 on startup eco system and MSMEs and also with Technical Service Providers and Performing Artists from entertainment Sector.

Gadkari also stressed upon the need for greater formalization of entertainment industry. He suggested for registration as MSMEs to take benefit of various Schemes of the Ministry of MSME.

The 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 also mentioned that there is also need to focus on import substitution to replace foreign imports with domestic production.

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