Union Minister Nitin Gadkari
NAGPUR: Union Minister Nitin Gadkari at the Atmanirbhar Bharat web dialogue on Saturday said that India’s government is pro-development and pro-industry and wants to create more employment potential and eradicate poverty.
“India has got a huge market, skilled manpower, availability of raw materials and the government too is pro-development and pro-industry because we want to create more employment potential and eradicate poverty,” said Gadkari here.
“Four days ago Phillip Capital organised a programme for investors in the United States. About 10,000 investors were with me in that webinar. They want to invest in India as returns are good & it’s now a safe destination for investment,” he added.
The Minister said that foreign direct investments in micro, small and medium enterprises is being encouraged as well.
“We are trying to take in more investment for MSMEs and we are also trying to change the definition of MSMEs as well. The manufacturing sector and the service sector were classified separately but now they have been merged and we name it ‘Manufacturing and Services‘ sector,” he said.
For the micro-industry, the limit of investment in plant, machinery, and equipment was of Rs 25 lakh, now has been amped up to Rs 1 crore. “The turnover was previously 10 lakh, now we have taken it to Rs 5 crore,” he said.
With regard to small industries, the investment was previously Rs 5 crores now has been increased to Rs 10 crores, informed Gadkari, and added that the turnover has increased from Rs 2 crores to Rs 50 crores.
Speaking about the medium-scale industries, the investment has increased from 10 crores to Rs 50 crores. The turnover increased from Rs 5 crores to Rs 250 crores excluding export turnover.