Working on idea of land bank to help small businesses: Nitin Gadkari

Union Minister Nitin Gadkari (pictured) on Monday said the government was working on the idea of a land bank and a social microfinance institution to help people run small shops and businesses.

Addressing a virtual MSME conclave organised by the Ficci Karnataka State Council, the minister said there was a need to think how India could increase exports and reduce import dependence. Speaking about Chinese exports, Gadkari said 30 per cent of the entire global manufacturing is based in China and there are 10 major export categories that comprise 70 per cent of its overall exports, including fields like electrical machinery and equipment.

“Now is the time… we should identify the fields where we can make import substitution, how we can develop MSMEs and the industry by taking advantage of the economic situation in the world,” said Gadkari, who is also the road transport and highways minister.

He suggested that to make India an economic superpower, “we have to think in the direction of how to raise exports from areas like agriculture, agro processing industries, handloom, and handicraft industries”. “We are working on the idea of a land bank and social microfinance institution, which will be very helpful for entrepr­eneurs and people who want to run small shops and businesses,” he said.