Bengaluru, Nov 3 — The India Manufacturing Show witnessed a significant address by Raksha Mantri Rajnath Singh, who underscored the crucial role of small-scale industries as the backbone of India’s economy. The three-day event, jointly organized by Laghu Udhyog Bharti and IMS Foundation and supported by the Department of Defence Production, Ministry of Defence, revolves around the central theme of ‘Make in India, Make for the World.’
Rajnath Singh emphasized that the rapid growth of small industries contributes to the stability of the Indian economy. He commended their ability to create employment opportunities and distribute wealth more evenly in society. The Defence Minister acknowledged the historical significance of small industries, citing textile, iron, and shipbuilding as the foundations of India’s industrial capability in ancient times.
Reflecting on Mahatma Gandhi’s philosophy on the economy, Rajnath Singh highlighted the importance of focusing on small industries over heavy industries. He emphasized their adaptability and innovation, stating that small industries often bring more innovation than larger counterparts. Drawing attention to the symbiotic relationship between small and heavy industries, he acknowledged the profitability and legitimacy of private industries operating on a profit motive.
The Defence Minister outlined various government initiatives supporting small-scale industries, including the MUDRA scheme, designed to provide collateral-free loans to Micro, Small, and Medium Enterprises (MSMEs). He also detailed steps taken to ensure the welfare of MSMEs in the defence sector, such as the imposition of restrictions on the import of weapons, positive indigenisation lists, and reserving 75% of the defence capital acquisition budget for purchases from local companies.
Rajnath Singh praised Laghu Udhyog Bharti as a bridge between the government and the industry, urging the association to make the government aware of small industries’ challenges. He emphasized the industry’s responsibility towards the nation, including the promotion of clean technologies and meeting stakeholders’ interests.
In conclusion, Rajnath Singh expressed confidence that India would become self-reliant and a global manufacturing hub with the continued dedication and hard work of its industries.
