The Union Minister for Small and Medium Enterprises (SMEs), Nitin Gadkari, on Thursday, June 18, emphasized on India’s capability to export more than it can import. In an address, Gadkari suggested that India needs to shift its focus from importing more to exporting more.
The Union Minister stated that it is the right time for the country to pave ways for the foreign investors to invest in India as the world seems disinterested in investing in China at the backdrop of Corona Virus Disease 2019 (COVID-19) spread.
“The whole world is now not very much interested to deal with China. It is blessing in disguise for the Indian economy. A lot of people from different parts of the world want to deal with India, in this situation we need to increase our export and reduce import,” asserted Union Minister Gadkari, quoted ANI.
Earlier in an interview, the Union Minister had aimed at improving the MSME’s contribution to the country’s Gross Domestic Product (GDP) from existing 28% to a target of 50%. Gadkari also revealed that he aims to upscale the export share to 60% from the existing 40% share. He also asserted that his ministry aims to create job opportunities for 50 million workers through MSME.
The Bharatiya Janata Party (BJP) led Central Government, in May, announced several schemes for MSME in the form of “lending financial support” to leverage the performance of the sector post COVID-19 pandemic. The Prime Minister of India, Narendra Modi, had announced an economic stimulus package of Rs. 20 lac crore on May 17, amid lockdown across the nation.
The BJP government is seen at the forefront to lure foreign investors who are planning to wind up their businesses in China and are at the lookout for an option. India seems to be a best option at this time as the country has the majority of youth manpower and acres of land which are available at a nominal lease. World’s several countries have already expressed their interest in India as they plan their walkout from China.
World’s plan to walk out from China to enter India doesn’t seem to have gone well with the dragon country. China’s People’s Liberation Army (PLA), on June 15, allegedly attacked Indian Army soldiers at Line of Actual Control (LAC) in Galwan Valley, Ladakh. This led to brutal killing of at least 20 Indian soldiers including a Colonel rank army officer, while China stepped back from revealing the casualties suffered on it’s side.
The cowardly attack by the dragon country has acted as a catalyst in inciting hatred among the Indian public towards China. The Indian public have expressed their outrage against China’s cowardly attack on Indian soldiers, while demanding to boycott Chinese products.