Nitin Gadkari said that at present, liquidity is the most important for the country’s economy. (FILE)
New Delhi:
Calling India as the most favorable destination for foreign investment, Union Minister Nitin Gadkari on Tuesday urged foreign investors to reap rich dividends by investing in the country’s infrastructure, MSMEs, banks, NBFCs and other sectors.
Addressing the India Ideas Summit hosted by the US-Indian Business Council, jointly with the US Chamber of Commerce, the Minister said, “We need to create more jobs. Without it, we cannot not solve the problem of poverty, which is the most important program. And for this we need foreign investment, especially in MSMEs, NBFCs, banks and infrastructure. “
Referring to the COVID-19 pandemic as a temporary phase, Gadkari said the country was confident of winning the “economic war” and that the government had taken a number of measures to overcome the crisis.
At present, he has told investors practically that liquidity is the most important for the country’s economy.
“And therefore, we are focusing on how we can develop MSMSEs and their growth in India, with almost 50 percent of Indian exports coming from the sector. For the MSME sector, we have significantly raised the investment limit, “he said.
For micro-industries, the investment range was previously around Rs 25 lakhs, but now it has been converted to Rs 1 crore. For small industries, the investment was Rs 5 crore previously, but now it is 10 crore. Likewise, for mid-sized industries the investment was Rs 10 crore and now it has been increased to 50 crore.
“In the current global economic situation, India is the fastest growing economy. We have a large market, a skilled workforce like doctors and engineers. Now we are also increasing the workforce. – skilled work, “said Mr. Gadkari.
“Therefore, with these investments, the majority of industries will benefit. And now we are doing our best to develop MSMEs and their growth in India,” he added.
In the current economic situation, about 30 percent of the contribution to the country’s gross domestic product (GDP) comes from MSMEs, 48 percent of exports come from the same sector. “So far, MSMEs have created more than 11 crore of jobs and therefore we need more FDI to inject liquidity into the market,” he added.
(With the exception of the title, this story was not edited by GalacticGaming staff and is published from a syndicated feed.)
