: Govt's push for local manufacturing & exports is an opportunity for MSMEs: Expert #FinanceIndia #StockMarketNEWS Govt's push for local manufacturing & exports is an opportunity for MSMEs: Expert

@StockMarketNEWS Sun 26 Jul, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Govt's push for local manufacturing & exports is an opportunity for MSMEs: Expert #FinanceIndia #StockMarketNEWS
Govt's push for local manufacturing & exports is an opportunity for MSMEs: Expert New Delhi, July 24 (KNN) Soon after the announcement for Eight more sector where India can become a supplier to the world, in addition to the 12 industry sectors already zeroed in, expert believed that government’s push for local manufacturing and exports is an opportunity for the Micro, Small and Medium Enterprises (MSMEs).

On Thursday, while speaking at a FICCI event, Commerce and Industry Minister Piyush Goyal, had said that there were 12 sectors earlier and now we have identified eight more sectors where India can become leaders to supply to the world.

MSME sector is the backbone of Indian Industry as it accounts for 30 per cent of Indian GDP as its contribution. Government of India is serious to take opportunity of anti-China sentiment in the World and reduce our reliance on imports by substituting it with local manufacturing that will cater to domestic demand and boost Exports by creating India as a supplier of goods and services to the World, told Yogendra Kapoor, an Economist as well as Tax Expert to KNN India.

Kapoor further pointed out a few points on which the Growth of MSME sector will largely depend on creation of an ecosystem by coordinated efforts of the government, policy decisions to reform land and labour laws, Ease of finance from Banks and MSME sectors own strength of creating a cost efficient, competitive and quality product with latest use of Technology and Innovation.

There is already a great demand in India due to its relatively young population for products like toys, plastic goods and sports gear and which will help us to become a supplier to the World, he avowed.

He further suggested that MSME and the government can work together to fulfil all requirements for its customers provided there is an element of trust and transparency in each other.

Food processing, iron and steel, electronics, industrial machinery, furniture, auto parts, and leather and footwear, are among the12 industry sectors identified earlier with potential for import substitution and boosting exports.

The move is part of India’s aim to become self-reliant, which Goyal said means that the country will engage wherever it has a competitive edge and skills.

After a “violent face-off” with China in June which resulted in the death of 20 Indian soldiers, including a colonel, triggered a wave of anti-China sentiments in India as traders and consumers appealed to boycott Chinese products.

Soon after the face-off, the several media reports including economists and business experts claimed that anti-China sentiment will help MSMEs whose existence is at stake due to COVID-19 pandemic.