Union Minister Nitin Gadkari on Thursday during a webinar titled ‘Regenerative Economic Transformation’, Catalyst 2030 emphasised that the country needs to focus on its exports as the foreign investors are shifting their focus and are contemplating to relocate from China to India in the wake of the outbreak of COVID-19 pandemic.
“The whole world is now not very much interested to deal with China. It is a 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,” the minister said.
In early February, the 2020 Agility Emerging Markets Logistics Index also predicted that India and Vietnam to be top choices for companies who want to relocate their production and sourcing from China.
“The USA has a significant investment in China and with companies exploring for options to shift base from China, the Prime Minister and the Chief Minister (Yogi Adityanth) want to use the opportunity to see how they can be brought to India, to Uttar Pradesh.”~ Sidharth Nath Singh, UP’s Minister for micro, small and medium enterprises
“Companies, including big names from logistics, scientific instrumentation, electronic, automobile industries, have expressed their interest. They already have investments in China. I am hopeful we will be able to bring them to UP, given how we are working by making changes in our industrial and sectorial policy,” added the state minister.
Gadkari’s comment comes in line with Prime Minister Narendra Modi’s vision for an ‘Atmanirbhar Bharat’ which aims to make India self-reliant by increasing economic activity and pushing growth.