India to promote manufacturing of some products to boost market share

NEW DELHI — India’s government plans to promote the manufacturing of selected products, especially lines in which China enjoys a big share in the global market, as part of efforts to reduce imports and push exports, a cabinet minister said on Monday. 

The government aims to attract foreign investments in pre-identified areas, promote joint ventures and support local businesses to expand India’s share of global markets, Nitin Gadkari, India’s minister for MSME (micro, small and medium enterprises), told a virtual conference. 

“There is an opportunity for India in sectors where China enjoys a big share in the global market,” he said. 

In the last few months, the government has announced production-linked incentives for manufacturing of electronics, medical devices and pharmaceutical products while putting restrictions on imports of Chinese products.