New Agro MSME Policy to be implemented
The Government of India is to implement a new Agro MSME policy. The policy is to focus entrepreneurship in rural, tribal, forest and agricultural areas.
Highlights
The Union Minister Nitin Gadkari recently announced that the central government is working on agro MSME (Micro, Small and Medium Enterprise) policy. It aims to encourage manufacturing products with the help of locally available raw materials.
The announcement was made during a meeting of the minister with the Export Promotion Council. The meeting was conducted to discuss impact of COVID-19 over the MSME sector.
Objectives of the new policy
The new policy will focus on the following things
- The policy will try to replace foreign imports with domestic production.
- The industries will be encouraged to focus more on science and technology, innovation, research skills, entrepreneurship. This will help to convert knowledge to wealth. It is to be noted that this year the budget was presented by the Finance Minister Nirmala Sitaraman under the theme “Creation of Wealth”. The GoI has already launched several initiatives in order to achieve this. For instance, 100 lakh crores have been allocated to improve the infrastructure sector.
- The Japanese Government is currently offering special packages to the industries to take out Japanese investments from China and move somewhere else. The policy will utilize this opportunity to divert those investments towards India.
- The policy will encourage investors to invest in other cities other than Delhi and Mumbai.
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Month: Current Affairs - May, 2020