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India to promote manufacturing of some products to boost market share

Monday, August 10, 2020, 15:41 GMT+7
India to promote manufacturing of some products to boost market share
Nitin Gadkari, president of India's main opposition Hindu-nationalist Bharatiya Janata Party (BJP), speaks during an interview with Reuters at his party office in New Delhi April 9, 2010. Photo: Reuters

NEW DELHI — India’s 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, a cabinet minister 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, Nitin Gadkari, India’s minister for MSME (micro, small and medium enterprises), told 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. 

Reuters

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