New Delhi, Jun 26: Union Minister for MSME and Road Transport and Highways Nitin Gadkari
said industries should invest about 2-3 per cent of their annual profits into research as the conversion of knowledge into wealth is important for development of the industry.

Gadkari held meeting on Thursday via video-conferencing with the representatives of the Engineering Exports Promotion Council (EEPC) to discuss on the growth of the sector post the pandemic situation.

He motivated the panel by suggesting that even though there are short term difficulties being faced by each sector of the economy during the lockdown, “positivity and self-confidence” can help one overcome the immediate hindrances.

He stressed on the fact that effective collaboration and cooperation among all stakeholders in the economy can help overcome the current pandemic.

During the interaction, the Union Minister highlighted the importance of MSME sector and applauded the contribution made by the sector in country’s GDP, export and employment generation.

Gadkari said that the MSME sector currently contributes to about 48 per cent to the country’s export and this has to be further enhanced by means of technological upgradation and product development.

In addition, he added that substantial decrease in logistics, transport and labour cost would help in development of the manufacturing industry in India, according to a statement here on Friday.