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Business EconomyPosted at: May 20 2020 7:16PM


Gadkari bats for tech upgradation, attracting foreign investment to combat post Covid

New Delhi, May 20 (UNI) Union MSME Minister Nitin Gadkari on Wednesday called upon the MSME sector to consider technology upgradation and to look for foreign investment to forge ahead in the post-Covid scenario.
He said the relief package announced by Prime Minister Narendra Modi for MSME sector should be utilised by the medium and small scale industry to jump back into action.
Addressing the members of Confederation of Faridabad Industries Association and Materials Recycling Association of India in two separate video conferences from Nagpur, the Minister said the package will energize the local indigenous industry with new life.
Mr Gadkari said the stimulus package announced by Finance Minister Nirmala Sitharaman will prove substantially helpful for MSME sector.
He informed that by this March 31, nearly 6 lakh MSMEs were restructured, and this number will be added by another 25 lakh by 31st December this year. The Fund of Funds worth Rs 10 thousand crore will be strengthened to Rs 50 thousand crore by adding other funds.
The Minister also spoke about linking MSME liquidity to equity market. He said the government will support those MSME units which have good rating by sharing 7.5 per cent in their stock market strength. He said orders have been issued to clear all MSME dues with 45 days.
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