MSME Minister Gadkari promises relief package soon

By

Isabelle Crossley

Published
May 4, 2020

The government will announce a relief package for micro, small, and medium enterprises soon, announced Minister Nitin Gadkari, who called the global withdrawal from China's supply chain a “golden opportunity” for Indian businesses.

 
As MSMEs face cash shortages, employee lay-offs, and an uncertain future, Minister of Road Transport and Highways and MSMEs announced that a government relief package can be expected soon, ET Online reported. Gadkari called the pandemic a “blessing in disguise," for Indian businesses, speaking at a recent FICCI Ladies Organisation webinar. 
 
“We have taken extensive inputs from MSME stakeholders and have now sent recommendations for a relief package to the Finance Minister and Prime Minister, and I hope it will be announced soon,” said Gadkari at the webinar, ET Online reported. “We will try to give relief to the extent possible.”

“Today, businesses from across the world - from the US to Germany to the EU - all are withdrawing from China,” said Gadkari. “They no longer are preferring supplies and raw material from it [China]- and this presents a golden opportunity for Indian businesses to fill the resulting market gap.” 
 
Gadkari assured MSME owners that the government will work to attract global businesses to invest in India and highlighted the Japanese Prime Minster’s recent announcement of benefits for businesses moving their production outside of China. “India will undoubtedly become a superpower nation,” said Gadkari. 
 
The Minister has stated on multiple occasions that he aims to increase MSMEs’ contribution to India’s gross domestic product to 50%, remaining positive despite numerous surveys expecting the pandemic to sink a sizeable number of MSMEs.