Says Rs.1 lakh crore reserved for purchases from local companies
Inaugurating the 3 day ‘India Manufacturing Show’ in Bengaluru recently the Raksha Mantri Mr Rajnath Singh heaped praises on the small scale sector and described the small-scale industries as the backbone of India’s economy that contribute immensely to the development of the nation.
“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.
He termed the small-scale industries as the youth of industrial development; which possesses more energy, innovation and the ability to create something new.
Mr Singh further highlighted the important contribution of these industries to the socio-economic development of the country. “Compared to investment made, small industries create more employment opportunities than large industries.
They also ensure a more even dispersion of wealth in society. Many MSMEs are doing well in exports and are becoming a part of the global supply chain of the world’s biggest companies.
Heavy industries, too, play a big role in the nation’s development, but the country cannot fully progress by ignoring small industries,” he said.
MSMEs in Defence
Speaking on the role of MSMEs in the defence sector the defence minister enumerated the unprecedented steps taken for MSMEs in the defence sector.
“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 and make them ‘Aatmanirbhar’,” he said. Mr Singh 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.
Mr 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 said.
Organised by Laghu Udhyog Bharti & IMS Foundation and supported by Department of Defence Production, Ministry of Defence the central theme of the event was ‘Make in India, Make for the World’.
