India plans to take khadi and village industries turnover to ₹2 trillion in the next five years from ₹75,000 crore at present, minister for micro, small and medium industries (MSME) Nitin Gadakri said recently. He urged the industry to expand its share in global trade to about 10 per cent in the wake of China facing rising costs and difficulties.
He was addressing the 92nd annual convention of the Federation of Indian Chambers of Commerce and Industry (FICCI).
He said the infrastructure and MSME sectors have the potential to help India turn a $5-trillion economy, according to an official release.
“China has a good record in trade business and accounts for 17 per cent of the global exports. Our share is barely 2.6 per cent. We have an opportunity to take it to 8 to 10 per cent... especially when China is facing difficulties at present besides increase in costs. We should eye at increasing our share,” he said.
He said he was saddened to see India importing commodities like coal and newsprint despite having huge dry-fuel reserves and scope of indigenous production.
“It is a matter of concern that we have capacity to export huge coal but we are importing it. Coal can be transported from Paradip port to Kandla for power plants in the Western region. This will bring down power prices by 35 to 40 paise per unit,” Gadkari said.
Fibre2Fashion News Desk (DS)