Government to promote manufacturing of some products to boost market share

NEW DELHI: The government plans to promote the manufacturing of selected products, especially lines in which China enjoys a big share in the global market, as part of efforts to reduce imports and push exports, cabinet minister Nitin Gadkari said on Monday.
The government aims to attract foreign investments in pre-identified areas, promote joint ventures and support local businesses to expand India’s share of global markets, the minister for MSME (micro, small and medium enterprises) said at a virtual conference.
“There is an opportunity for India in sectors where China enjoys a big share in the global market,” he said.
In the last few months, the government has announced production-linked incentives for manufacturing of electronics, medical devices and pharmaceutical products while putting restrictions on imports of Chinese products.