The government will soon announce an economic relief package for micro, small and medium enterprises (MSMEs) to tide over challenges created by the lockdown after COVID-19 outbreak, Union Minister Nitin Gadkari said on Saturday.
"We have sent recommendations for a relief package to the Finance Minister and Prime Minister, and I hope it will be announced soon. We will try to give relief to the extent possible," he said while addressing a webinar for e-unveiling of 'FLO Compendium of 100 Successful Women Entrepreneurs in MSMEs' orgsed by the FICCI Ladies Orgsation (FLO).
Gadkari said all stakeholders must adopt an integrated approach to come over the COVID-19 crisis while ensuring the lives and livelihood of people. The focus should be on reducing logistic cost, capital cost, power and production cost without compromising the quality to gain competitiveness in international markets.
The minister said the industry should strive for innovation, entrepreneurship, science and technology, research skill and experiences to convert knowledge into wealth.
Gadkari said the global economic slowdown can also be an opportunity for Indian industries and entrepreneurs to explore new businesses. He asked multinationals to aggressively invest in India and said the government will facilitate domestic and foreign investments to spur economic growth and employment generation.
( With inputs from ANI )