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Nitin Gadkari calls for more innovation to identify import substitute products

Union Minister Nitin Gadkari on Thursday called for more innovation and research to identify products that can be indigenously manufactured as cost-effective import substitutes.

Nitin Gadkari calls for more innovation to identify import substitute products
In a recent report, ICICI Securities said cement’s industry average operating margin grew 25% Y-o-Y in FY’20 and further rose 20% Y-o-Y to over Rs 1,250/tonne in the first half of the current fiscal.

Union Minister Nitin Gadkari on Thursday called for more innovation and research to identify products that can be indigenously manufactured as cost-effective import substitutes. He said the government has decided to go in for a tendering process to give government technology centers comprising tool rooms to successful private players who have an excellent track record.

The minister for Micro, Small and Medium Enterprises (MSME) and Road Transport and Highways said “we are now launching Flex engines where 100 per cent ethanol or petrol can be used,” highlighting its significance in lowering crude oil imports. Addressing a webinar organised by All India Management Association, the minister said “this is the time for the industry, for the government to identify the things important for the future which we are presently importing, how we can manufacture here”.

He urged the IITs and engineering colleges to provide innovative solutions in this regard. The minister observed that to realise the Prime Minister’s dream of an Aatmanirbhar Bharat or a Self-reliant India, “we need to increase our exports and GDP growth, create more employment potential and jobs, and should accord the highest priority to the rural, agricultural and tribal sectors.”

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