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Working on idea of land bank, social microfinance institution to help small businesses: Gadkari
Aug-11-2020

Union Minister Nitin Gadkari has said the government is working on the idea of a land bank and a social microfinance institution which will be very helpful for entrepreneurs and persons who want to run small shops and businesses. He also said there is a need to consider how India can increase exports and reduce dependence on imports.

Talking about Chinese exports, the minister said 30 percent of the entire global manufacturing is based in China and 10 major export category accounts for 70 percent of the total exports of China, including fields like electrical machinery and equipment. He said ‘now, this is the time...we should identify which are the fields where we can make import substitution, how we can develop the MSMEs and the industry by which we can take advantage of the economic situation in the world.’

To make India a super economic power, the minister said ‘we have to think in the direction of how to increase exports from areas like agriculture, agro processing industries, handloom, handicraft, khadi and village industries’. Besides, he said handloom, handicrafts, khadi industries and agro-based industries should be encouraged, especially in 115 aspirational districts. He also said ‘we will have to plan special policies for agricultural, rural and tribal sector because they have huge potential of creating employment.’

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