Rajnath Singh says small industries are motor of the Indian economy
Many of the Medium, Small and Medium Enterprises (MSMEs) are doing well in exports and are becoming a part of the global supply chain of the world’s biggest companies, notes Defence Minister Rajnath Singh.
“Heavy industries, too, play a big role in the nation’s development, but the country cannot fully progress by ignoring small industries,” he said at the inauguration of three-day ‘India Manufacturing Show’ in Bengaluru on 2 Nov 2023.
“Small industries are the motor of the Indian economy. The faster the motor runs, the quicker the vehicle of the economy moves,” he said, also crediting the small industries for maintaining stability in the economy.
Rajnath Singh also underlined the ability of small industries to adapt to the changes more easily than large industries. “It is the adaptability of small industries which increases the possibilities of innovation. Many times, small industries bring more innovation than large industries in terms of new products, services and business models,” he underscored.
But he also noted the importance of big industries, which reports turnovers in thousands of crore rupees, were once small industries.
He also enumerated the unprecedented steps taken for MSMEs in the defence sector.
He elaborated, “We are the first government which imposed restrictions on itself for the import of weapons. We released five positive indigenisation lists, under which 509 equipment have been identified, the manufacturing of which will now take place in India.
“In addition, four positive indigenisation lists for Defence Public Sector Undertakings (DPSUs) were also promulgated, under which 4,666 items were identified, that will be manufactured within the country.
“To ensure adequate demand assurance for our domestic industries, we reserved 75% of the defence capital acquisition budget, which amounts to approximately Rs.1 lakh crore, for purchases from local companies. These steps will strengthen our MSMEs,” Rajnath Singh reassured MSMEs.
The Minister also referred to the Innovations for Defence Excellence (iDEX) initiative, which was launched to invite new ideas in defence manufacturing through start-ups and innovators.
He added that iDEX Prime was launched to support projects, requiring support beyond Rs.1.5 crore up to Rs.10 crore, to help the start-ups in the defence sector.
The sixth edition of ‘India Manufacturing Show’ provides a platform to the exhibitors to showcase their technologies, equipment and R&D in different sectors, such as aerospace & defence engineering, automation, robotics & drones to the participants.
The aim is to bring together best minds, best technologies and best practices while providing business and knowledge sharing opportunities for its participants, the Ministry of Defence said. fiinews.com
