Small industries have been showing ability to adapt to the changes more easily than large industries and it is the adaptability of small industries which increases the possibilities of innovation, said Defence Minister Rajnath Singh on Thursday while inaugurating the ‘India Manufacturing Show’ in Bengaluru.
Addressing the industry captains and young entrepreneurs at the event, he described small-scale industries as the backbone of India’s economy that contributed 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 moves. Small industries maintain the stability in the economy,’‘ he said.
Highlighting the contribution of small industries to the socio-economic development of the country, he said many MSMEs were doing well in exports and were becoming a part of the global supply chain of the world’s biggest companies. “If you look at the proportions of the investments, smaller companies generate more employment than their large peers. They also ensure a more even dispersion of wealth in society,” he emphasised.
Mr. Singh further said India was once called a ‘golden bird’ and the country had many small industries in its villages and towns that provided employment. “In ancient times, there were no large-scale industries in India. We had only small industries. Textile, iron and shipbuilding were the three industries for which India was known all over the world.’‘
In order to help grow domestic MSMEs through buying from them, the Defence Minister said the government has reserved 75% of the defence capital acquisition budget, which amounts to some ₹ 1 lakh crore.
“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,’‘ Mr. Singh further said.
Apart from this, 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 and not imported, according to him.
