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Import substitution policy to replace foreign imports and boost domestic manufacturing in India soon

Addressing the Association of Lady Entrepreneurs of India, MSME Minister Nitin Gadkari said we need to boost our domestic production to become substitute to replace foreign imports. The minister urged industry members to focus on converting knowledge into wealth through innovation, entrepreneurship, science and technology, research skill and experiences. He added that government is working on a scheme to promote businesses making import substitute products and helping the country save foreign exchange. India’s imports had declined 9.12 per cent to $467.19 billion for FY from the previous year, PTI had reported. Attending different webinars during lock down, Minister urged different industries associations to take advantage of the world’s ‘hatred’ towards China as companies are reportedly looking to exit China to attract foreign investments and businesses in India. He invited overseas Indian students to set-up new ventures in India with the government support through PPP or joint venture mode. A committee will be set-up towards attracting foreign investment that will make sure that students get necessary clearance for such ventures in just three months. The entire process will be ensured for zero red-tapism, transparency, time-bound decision-making process and qualitative approach

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