Government mulls on bringing import substitution policy: Nitin Gadkari

The Minister for MSME and Road Transport and Highways Nitin Gadkari on Tuesday said the government is thinking about bringing an import substitution policy in the wake of the new economic situation created by COVID-19 pandemic. At the same time, he urged India Inc to upgrade technologically and come up with cost-effective substitutes to reduce the country's inward shipment.

Mr Gadkari said this while addressing the meetings with the representatives of Association of Lady Entrepreneurs of India on the impact of COVID-19 on the startup ecosystem and MSMEs and also with Technical Service Providers and Performing Artists from entertainment Sector.

He said, the industry may not be shut for a long time and several relaxations could be given by the end of May.

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 a need to focus on import substitution to replace imports with domestic production.

Mr Gadkari said the industry should focus more on innovation, entrepreneurship, science and technology, research skill and experiences to convert the knowledge into wealth. He stressed upon the need for greater formalization of the entertainment industry.