Focusing on export enhancement, Gadkari urges industry to stay +ve to tide over crisis

New Delhi, May 26: "Centre is exploring new financial lending institutions to support small-scale units in terms of financial support", said Minister for Micro, Small and Medium Enterprises Nitin Gadkari on Tuesday working towards strengthening the Non- Banking Financial Companies (NBFCs) which will help small businesses to avail easy credit in the coming time.

 

 

Addressing the members of Calcutta Chamber of Commerce on impact of COVID-19 on MSMEs through video conference, Gadkari requested all the stakeholders to work in tandem and urged the industry to maintain a positive attitude during this time to tide over this crisis.

 

The Minister mentioned that special focus towards export enhancement, is the need of the hour. He further added that there is need to reduce the cost on production and logistics to become economically viable. The current contribution of MSMEs in export is 48 per cent, which may be increased to 60 per cent.

Earlier the day, Gadkari in conversation with the Maha Solar Sanghatana has emphasized the need of export enhancement along with import substitution to replace foreign imports with domestic production. He encouraged manufacturers to make India self-reliant with the help of 'Make in India' products.

 

Gadkari mentioned that for providing much-needed impetus to the MSME sector to deal with the current economic instability, the government has announced several measures under Aatma Nirbhar Bharat Abhiyan. These include collateral free automatic loan, which will allow the MSMEs to enhance working capital by 20 per cent without providing additional collateral.