NEW DELHI (Reuters) – 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.
(Reporting by Manoj Kumar; Editing by Kevin Liffey)