More Research Is Needed To Find Alternatives For Import: NG

More research is needed to find alternatives for import, production of all components in the country itself: Gadkari. More research is needed to identify such products, which can be manufactured in the country.

Such products can become an economical alternative to imports. Union Micro, Small and Medium Enterprises (MSME) Minister Nitin Gadkari said this on Saturday.

The Union Minister said that industries and industry organizations need to do more research to identify these options so that imports can be curbed.

Addressing an event organized by Marathwada Accelerator for Growth and Incubation Council (Magic), Gadkari said that industry should support and support their vendors so that they can produce all the components in the country itself.

Initially, these optional components may cost 10-20 percent more, but when they start to be produced on a large scale, they will be available at a cheaper price.

Gadkari said that now the time has come that we should find a domestic option for import. Such options should also be economical and environmentally friendly.

Significantly, the country’s exports fell 0.8 percent to $ 26.89 billion in December 2020. The decline in exports was attributed to a decline in sectors such as petroleum, and leather, and marine products.

According to data released by the Ministry of Commerce, the country’s imports increased by 7.6 percent to $ 42.6 billion in December 2020.

As a result, the trade deficit widened to $ 15.71 billion in December. During the first nine months of the current financial year, imports declined by 29.08 percent to $ 258.29 billion. At the same time, it was $ 364.18 billion in the same period of FY 2019-20.

RBI’s steps help limit the economic impact of the epidemic: Shaktikanta Das. 

The Reserve Bank is ready to take all possible steps to speed up development without compromising financial stability. Reserve Bank of India (RBI) Governor Shaktikanta Das said this on Saturday.

In the 39th Nani Palkiwala Smriti Lecture, Das said that the first goal during the epidemic was to support economic activities. If we look back, it is clear that RBI policies limited the impact on the economy due to the epidemic.

Das referred to various steps taken by RBI, including easements in loan moratorium and working capital financing. He also suggested the domestic financial market be alert to deal with situations like sudden capital investment and capital withdrawal.