Indian entrepreneurs should take advantage from factories closure in China: MSME Minister Narayan Rane

Union Minister of Micro, Small and Medium Enterprises (MSME) Narayan Tatu Rane has urged Indian entrepreneurs to take advantage of closure of factories in China speaking at an event at the Entrepreneurship Development Institute of India (EDII). He said that Indian industrialists should start manufacturing the products which are no longer produced in China.

"China is number one in the world in terms of production. It is leading with 64 per cent share in global manufacturing. However, many companies are shutting down (in that country), and I have urged large and medium industrialists to capture this opportunity and start manufacturing these products in India" Rane added.

Rane had been invited by the EDII to address students and entrepreneurs on the "Role of MSMEs in Enhancing Growth and Competitiveness". He also said the latest machinery should be used for manufacturing the products which are no longer made in China, so that India can capture global markets by maintaining quality.

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Rane also said that the country should also take up the marketing and export of these products. At present, India's manufacturing share is nearly 6 percent. If we add another 10 percent, our GDP would increase significantly. This will help the country become a superpower," the minister added.

The minister also emphasised the importance of having an "industrial environment".

"A flourishing industrial environment brings stability to society by providing innovative solutions. It also inspires the younger generation to think creatively and dares them to take the plunge. Hence the emphasis on MSME growth and sustenance is a must," he said.

Rane also released the Global Entrepreneurship Monitor India Report 2020-21 on this occasion. The report is touted as the largest annual study of entrepreneurial dynamics in the world.

The minister also inaugurated the MSME Ministry-supported newly constructed facilities on EDII campus and presented the Gujarat Startup Awards 2021.