Minister assures to create liquidity
The government is likely to set up a multi-purpose R&D centre to reduce import dependence and promote the Make in India and Made in India initiatives along with the participation of the private sector industry.
Disclosing this at an industry interactive meeting on 14 August 2020, Nitin Gadkari, Minister for MSMEs, Road Transport and Highways said, “(The) Industry can buy land and the government will support by providing technology and equipment to the centre.”
Highlighting the issues related to liquidity, Gadkari said, “We need foreign investments, public-private investments, and government support to increase demand and create liquidity.
“Majority of international investors are looking to shift to new alternatives and India can be the best destination for that.”
Addressing an ‘Interactive Meeting of Industry Chambers & Business Associations’, organized by FICCI, Gadkari called on the industry to tie-up with various IITs and engineering colleges, especially those in agri-related equipment, to find solutions to various products being imported and develop under the Make in India and Made in India campaigns.
“The government is ready to support you. Through this, we are looking at a multi-pronged development – development of the industry, new innovations to reduce cost, increase in productivity, and creating more employment opportunities,” the minister assured.
Echoing the financial problems faced by the MSMEs, Gadkari also assured of providing all possible support to the sector.
“I will discuss all the issues within my ministry and with all stakeholders to arrive at a unanimous decision. I will then take up these issues with the Finance Ministry. I am confident that with a proper cooperation, coordination, and communication approach, we will achieve our goal,” said Gadkari.
Highlighting the issues related to liquidity, Gadkari said, “We need foreign investments, public-private investments, and government support to increase demand and create liquidity.
“Majority of international investors are looking to shift to new alternatives and India can be the best destination for that.”
Emphasizing on the potential of the Atmanirbhar Bharat Yojna, Gadkari said, “We are trying to develop models of industrial clusters in the country and offering to investors. This is the time that we need to reduce our imports, and this will create positivity in the industry.”
He said that the government is making a policy of setting-up a Social Micro Finance Institution under which finance up to Rs.10 lakhs will be available within 3 days to small traders. “This will also create more employment potential and can contribute to our goal,” Gadkari said.
He also urged the industries to take up one underdeveloped city and develop it into a smart city. He assured government support through infrastructure development.
Gadkari further said that research and success stories from different countries can help us formulate new policies for India and urged the industry to give focus on innovation, research.
FICCI President Dr Sangita Reddy assured the Chamber’s support for the Government’s decision to promote the Atmanirbhar Bharat and Vocal for Local initiatives.
“However, the import substitution in the country will have to be done in a calibrated way to ensure there is no disruption in the availability of raw material and intermediate goods,” she emphasized, adding that finance is the most important challenge for the MSMEs today. #investment #MSME #indutry #IT #techologies /fiinews.com
