MSMEs key to building self-reliant India, reducing import dependence: Industry leaders

New Delhi [India], May 19 (ANI): India needs to strengthen MSMEs, boost domestic manufacturing and reduce import dependence as part of the broader push towards Aatmanirbhar Bharat, ASSOCHAM President Nirmal K Minda said on Tuesday.
Speaking to ANI on the sidelines of the India Business Reforms Summit 2026, Minda said that if Prime Minister Narendra Modi's "seven mantras" are implemented in the right spirit, they can strengthen both short-term and long-term economic goals, particularly through MSME growth and indigenous production.
"For long-term measures, we have requested the government to encourage MSMEs so that we can make our own indigenous products and become self-reliant. Make in India, MSME growth, digitisation and artificial intelligence are key pillars," he said.
He added that efforts should focus on reducing imports wherever possible and strengthening local supply chains across sectors.
Minda also flagged rising input costs, including fuel prices, noting that inflationary pressures are visible across segments of the economy. "Prices are rising, even for small items... fuel prices have increased," he said.
Separately, on the issue of global headwinds, Sorin Investment Fund Founder and Chairman Sanjay Nayar told ANI that the West Asia crisis is expected to impact inflation, fuel prices and raw material costs in India.
"I think one of the important things is inflation... petroleum price increase, diesel price increase, scarcity, and raw material price increase will also impact inflation," Nayar said.
He added that MSME credit quality could come under pressure if the crisis persists, but noted that the banking system remains well-capitalised and government support schemes such as credit guarantee and MSME refinancing mechanisms could help cushion the impact.
On trade, Nayar said India's export growth story remains strong, but highlighted that Free Trade Agreements (FTAs) will lead to both higher exports and imports, urging the domestic industry to improve scale, quality and competitiveness.
"FTAs are a two-way trade. We have to step up our game... imports will also go up, and some imports are actually welcome for better technology and competitiveness," he said. (ANI)