The government has intensified its efforts to revive growth of the economy that has marked a six-year low in the June Quarter
Union MSME Minister Nitin Gadkari announced that the government has planned a special financial package to assist ten import driven industry segments, in a bid to boost growth. This comes after a string of efforts undertaken by the government to revive growth ever since the budget was introduced in July and had mixed reaction from the industry.
Gadkari said that this decision was taken after acknowledging the fact that special assistance might provide the necessary impetus to import driven industry segments. He went on to share that ten sectors have been identified that are wholly import-focused.
The scheme includes a comprehensive plan to support these sectors by focusing on enhancing their R&D, skill development and training, among others in a bid to bolster their spirit.
“We intend to cut down on the dependence on imports and focus on indigenous development”, Gadkari said at an Outlook Business event later in the evening.
However, Gadkari did not disclose any more information about the ten sectors.
In addition to this, he also talked about the pressing need to take measures in order to lower the continued levels of air and water pollution. He stressed the urgent need to act on the pollution crisis and also called upon the corporate sector to help the government in tackling the situation.