Emphasizing that India was importing a lot of items from China, Union Minister Nitin Gadkari on Saturday called upon the domestic industry experts to find Swadeshi alternatives to the imports from various nations without compromising with their quality and cost.
Talking at the annual meeting of Ficci virtually, the MSME and road transport minister highlighted the need to reduce imports and increase exports. He said this can help strengthen economic growth and enhance the contribution of domestic manufacturing to the Gross Domestic Product' (GDP) to up to 30 percent.
Exemplifying of magnets used in electric vehicles, he asked industry experts to study which parts are being imported by India. ''Now the magnet, there are a lot of things we are importing from China. I am not a businessman or a business expert but I am seeing a huge potential for electric cars, e-bikes, electric auto-rickshaws and even electric trucks,'' said the minister.
He called upon business experts to deliberate with the domestic automotive industry, especially those engaged in the manufacturing of electric vehicles, to explore what products are being imported, like magnets and lithium-ion batteries. ''We should find out Swadeshi alternatives in the country without compromising with the quality and cost,'' he added.
''I know that there are some problems.RBI has got Rs 9 lakh crore deposited by the banks, getting 2 percent interest. That we are trying. The Prime Minister is telling them to use it for the people, finance it to the people''. He called for developing cost-effective and pollution-free import substitutes, saying that the country presently has a Rs 8 lakh crore of crude oil import requirement.
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