- The minister recalled that Government of Japan has offered special package to its industries for taking out Japanese investments from China and move elsewhere
- He was speaking at the ‘MSME and Infrastructure, Post COVID-19: Life of these two lifelines of the Indian Economy’ webinar
Union Minister for MSME and road transport and highways Nitin Gadkari has said that industries should keep a positive outlook and tap the opportunities that may arise after COVID pandemic is over.
Gadkari called upon the industry that it is needed to be ensured by industries that necessary preventive measures are taken to prevent the spread of COVID-19.
He was addressing a webinar on ‘MSME and Infrastructure, Post COVID-19: Life of these two lifelines of the Indian Economy’, organized today by Indore Management Association.
Special focus towards export enhancement need of the hour
The minister emphasized that special focus towards export enhancement is the need of the hour. Further, he mentioned that there is also need to focus on import substitution to replace imports with domestic production.
India imports roughly US$60 billion worth of electronics annually. A majority of these are imported from China.
Gadkari recalled that Government of Japan has offered special package to its industries for taking out Japanese investments from China and move elsewhere. He opined that it is an opportunity for India which should be grabbed.
Some of the major issues highlighted and the suggestions given included: Increasing provision of 10 per cent of working capital limit as additional funds to 30 per cent , relaxation in Companies Act so that liquidity can be arranged from social circle, benefit for labourers infected by COVID-19, relaxation in labour laws, relaxation in electricity bills during the lockdown, deferring GST and advance tax, introducing a scheme for COVID-19 similar to Voluntary Disclosure of Income scheme, etc.
