Import-Driven Industries To Get Special Financial Package, Says Nitin Gadkari

Even after the flurry of sops given to various industries after the budget, Union Micro, Small and Medium Enterprises Minister Nitin Gadkari on Thursday said the government will create a special financial scheme for 10 industry segments which are import-driven.

Since the budget in July, which was not received well by the market and the industry, the government has come out with a slew of initiatives to revive growth, which has hit a six-year low in the June quarter.

The biggest fiscal measure was the massive tax cut to the tune of Rs 1.45 lakh crore given to corporates.

Gadkari said the government has created a scheme to support industries where imports are high by providing special financial assistance.

"We have identified 10 sectors which are largely import-driven. We have worked on a scheme to support these sectors to upgrade their R&D and skill development and training, among others," Gadkari said at an Outlook Business event late this evening.

He said the intention was to reduce the dependence on imports and ensure indigenous development.

"We plan to create a special fund for providing financial assistance to these industries and ensure overall growth of our economy," Gadkari said.

However, he did not elaborate on these 10 sectors.

Gadkari also noted that there was a need to take measures to reduce air and water pollution.

"What we are seeing in Delhi today is a serious concern. There is an urgent need to take measures to adopt technology to reduce pollution. The government is ready to provide all the support, but we are expecting the corporates to come forward to help us tackle the situation," he added.