The government plans to encourage the manufacturing of select products to boost import substitution.

Addressing a virtual MSME conclave organised by the Ficci Karnataka State Council, Union MSME minister Nitin Gadkari said there is a need to think on how India can increase exports and reduce import dependence.

Speaking about Chinese exports, Gadkari said 30 per cent of the entire global manufacturing is based in China and there are 10 major export categories that comprise 70 per cent of its overall exports, including fields such as electrical machinery and equipment.

“Now, this is the time... we should identify which are the fields where we can make import substitution, how we can develop the MSMEs and the industry by which we can take advantage of the economic situation in the world,” said Gadkari, who is also the road transport and highways minister.

Equal opportunity

Refuting criticism for supporting the domestic industry and putting a check on imports, commerce minister Piyush Goyal said we want to protect our industries so that they can get a fair play and access.

“What we are trying to do is make sure our domestic industry gets a fair play. How can it be that one country does not allow tyres to be exported to them but wants free imports of tyres from that country into India?

“There has to be equal, fair and reciprocal arrangement. If other countries are keen to enter the 1.3-billion Indian market opportunity, they will also have to give our businesses an equal opportunity to engage in their countries,” Goyal said at the Ficci event.

“They can’t put technical barriers or regulations on our products and then complain if we put any standards in our country.” he said.