Union Minister Nitin Gadkari on Tuesday said the government is considering introducing a policy on import substitution and urged India Inc to upgrade technologically and come up with cost-effective substitutes to reduce the country's inward shipment. The Minister for MSME and Road Transport and Highways said a policy on import substitution is being thought of in the wake of the economic situation created by the COVID-19 pandemic.
Gadkari said the industry may not be shut for a long time, and several relaxations could be given by the end of May.
He urged various stakeholders to convert knowledge into wealth by improving quality through innovations and cutting cost.
The minister was addressing representatives of the Association of Lady Entrepreneurs of India, technical service providers and performing artists from the entertainment sector in separate meetings via video conferencing.
The minister emphasised that special focus towards export enhancement is the need of the hour, and necessary practices shall be adopted to reduce the cost of power, logistics and production to become competitive in the global market.
Further, he said there is also a need to focus on import substitution to replace foreign imports with domestic production.
Gadkari said the industry should focus more on innovation, entrepreneurship, science and technology, research skill and experiences to convert the knowledge into wealth.
He also stressed the need for greater formalisation of the entertainment industry.
Source:- moneycontrol.com