India is importing a lot of goods from China and now the industry must find local options for imports from various countries without compromising on quality and price, Union Minister Nitin Gadkari said on Saturday.
MSME and Road Transport Minister were speaking at the annual session of FICCI
Addressing the annual session of the FICCI, the MSME and the Transport Minister emphasized the need to reduce imports and increase exports. This will help boost economic growth and increase the share of production in GDP to 30 percent, he said. Given the example of magnets used in electric vehicles, he said industry experts should study what goods India is importing.
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Electronic vehicles have huge potential
Gadkari said, “Now we are importing a lot of things like magnets from China. Asked commercial experts.
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Local options need to be found
“We have to explore local options of importing into the country without compromising on quality and cost,” Gadkari said. “I know there are some issues,” he said, referring to the need to raise money in the market. The banks have deposited Rs 9 lakh crore with the RBI with a two per cent interest rate. We are trying to use it for the people. He said the government was promoting biofuels like ethanol, which would increase income in the rural area.
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