Union Minister for Micro, Small and Medium Enterprises (MSME) Narayan Rane on Saturday urged Indian entrepreneurs to take advantage of factory closures in China. Speaking at an event at the Indian Entrepreneurship Development Institute (EDII) here, he said Indian industrialists should start manufacturing products that are no longer produced in China.
“China ranks first in the world in terms of production. China leads with 64 per cent share in global manufacturing. However, many companies (in that country) are closing down,” Rane said. “I have urged the big and medium industrialists to take advantage of this opportunity and start manufacturing these products in India,” he said.
“We should also market and export these products. Presently, the manufacturing share of India is around six per cent. If we add another 10 per cent, our GDP will increase significantly. This will help the country to become a super power. ” Minister added. Rane was invited by EDII to address students and entrepreneurs on “Role of MSMEs in Enhancing Growth and Competitiveness”.
He also said that the latest machinery should be used to manufacture products that are no longer made in China, so that India can capture the global markets while maintaining quality. The minister also stressed on the importance of having an “industrial environment”.
He said that Indian industrialists should start manufacturing those products which are no longer made in China.
He said, “A thriving industrial environment brings stability to the society by providing innovative solutions. It inspires the young generation to think creatively and give them the courage to move forward. Hence the emphasis on growth and sustenance of MSMEs. necessary.” Rane also released the Global Entrepreneurship Monitor India Report 2020-21 on the occasion.
The report is touted as the largest annual study of entrepreneurial dynamics in the world. The Minister also inaugurated the newly constructed facilities supported by the Ministry of MSME at EDII campus and presented the Gujarat Start-up Awards 2021.