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India to explore domestic manufacturing of imported goods

07
Jun '19
India to explore domestic manufacturing of imported goods
India’s micro, small and medium enterprises (MSME) and the commerce ministries will work together to scan imported goods and explore the possibility of domestic manufacturing here by MSMEs, according to minister in charge of the portfolio Nitin Gadkari, who said import substitution is the need of the hour and small scale industries can help restrict imports.

Small scale industries need to be promoted to further push the country's growth, he said.

The MSME ministry would focus on supporting micro units and village industries to promote rural economy and create jobs, he said. It would also look into the reasons leading to closure of small units, according to a news agency report.

MSMEs contribute around 45 per cent in the country's exports, about 25 per cent to the GDP from service activities and over 33 per cent to the manufacturing output of India. (DS)

Fibre2Fashion News Desk – India


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