Wait...
  1. Home >
  2. Export Import News >
  3. Import Duty >
  4. Govt to support MSMEs making ‘import substitute’ products; mulls policy for replacing foreign goods >
  5. Govt to support MSMEs making ‘import substitute’ products; mulls policy for replacing foreign goods

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Govt to support MSMEs making ‘import substitute’ products; mulls policy for replacing foreign goods.


Date: 22-05-2020
Subject: Govt to support MSMEs making ‘import substitute’ products; mulls policy for replacing foreign goods
Trade, import and export for MSMEs: The government is looking to introduce an import substitution policy to ‘replace foreign imports’ and boost domestic manufacturing in the wake of the current economic scenario due to Covid-19. Addressing the Association of Lady Entrepreneurs of India, MSME Minister Nitin Gadkari said that there is a need to focus on import substitution to replace foreign imports with domestic production. The minister urged industry members to focus on converting knowledge into wealth through innovation, entrepreneurship, science and technology, research skill and experiences.

“Of late there have been talks about import substitution because it is equally effective as export promotion in saving foreign/earning exchange and creating jobs. Covid-19 will certainly lead to increasing localization everywhere,” Ajay Sahai, CEO and DG, FIEO told Financial Express Online.

Earlier this year, the minister had said that the 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 FY20 from the previous year, PTI had reported. The minister in multiple webinars with different industry bodies and associations during the lockdown period had urged the businesses 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.

We should also look into huge dependence on imports and some of the single source of imports like China for pharmaceuticals, electricals etc. So if we are looking to investment policy, electronic hardware policy or import substitution, all will gel together,” Sahai added.

The minister had also urged overseas Indian students in countries including the UK, Canada, Singapore, Australia, European countries etc. invited to set-up new ventures in India with the government support through PPP or joint venture mode. The government would support students in getting necessary clearances for the ventures in three months. To ensure such clearances are given in three months, Gadkari had informed that a committee will be set-up towards attracting foreign investment. The entire process will be ensured for zero red-tapism, transparency, time-bound decision-making process and qualitative approach, he had said interaction with the members of the Chartered Accountant Association of India on Sunday.

Source:- financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 01-06-2020
Notification No. 08/2015-2020-DGFT
Amendment in Export Policy of Alcohol based Hand Sanitizers

Date: 01-06-2020
Public Notice No. 07/2015-2020
Amendments in the Appendix 3B, Table 2 of the Merchandise Exports from India Scheme (MEIS)

Date: 01-06-2020
Public Notice No. 09/2015-2020
Amendments in the Appendix 3B, Table 2 of the Merchandise Exports from India Scheme (MEIS)

Date: 01-06-2020
Trade Notice No. 13/2020-21-DGFT
Implementation of MoU between India and Mozambique for import of pigeon peas and other pulses grown in Mozambique during 2020-21

Date: 01-06-2020
Instruction No. 08/2020-Customs
24x7 Customs Clearance at all the Customs Stations - reg

Date: 29-05-2020
Circular No. 26/2020-Customs
Review of Circular No. 17/2020 dated 03.04.2020 namely, 'Measures to facilitate trade during the lockdown period- section 143 AA of the Customs Act, 1962'

Date: 29-05-2020
Notification No. 48/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Date: 28-05-2020
Notification No. 07/2015-2020
Amendment in Export Policy of Paracetamol API

Date: 28-05-2020
Instruction No. 7/2020- Customs
Special drive for disposal of applications for fixation of Brand Rate of Duty Drawback.

Date: 27-05-2020
Notification No. 9/2020-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of 'Electronic Calculators of all types excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculators; programmable calculators',originating in, or exported from, People's Republic of China for a period of five years, in pursuance of final findings of sunset review investigations issued by DGTR and in supersession of the notification No. 24/2015- Customs (ADD), dated the 29th May, 2015.



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001