New Delhi: Indian government is planning to promote the manufacturing of selected products, especially in areas where China enjoys a big share in the global market, as part of efforts to reduce imports and push exports, said minister Nitin Gadkari 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,” Gadkari said at a virtual conference, Reuters reported.
“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 the manufacturing of electronics, medical devices, and pharmaceutical products while putting restrictions on imports of Chinese products.
Gadkari’s statement comes close on the heels of the Ministry of Defence preparing a list of 101 items for which there would be an embargo on their import.