Bangalore: On Thursday, Defence Minister Rajnath Singh inaugurated the ‘India Manufacturing Show,’ a three-day event in Bangalore. The exhibition is a collaborative effort between Laghu Udhyog Bharti and the IMS Foundation, with support from the Department of Defence Production within the Ministry of Defence.
The primary focus of this event is ‘Make in India, Make for the World.’ The sixth edition of the ‘India Manufacturing Show’ provides a platform for exhibitors to showcase cutting-edge technologies, equipment, and research and development across various sectors, including aerospace and defense engineering, automation, robotics, and drones.
In his address to industry leaders and emerging entrepreneurs during the inauguration, Defence Minister Rajnath Singh underscored the vital role of small-scale industries in India’s economic development. He referred to them as the backbone of the nation, making significant contributions to its progress.
Singh expressed, “Small industries are the driving force behind the Indian economy. The faster these industries flourish, the more swiftly the nation’s economy advances.” He also acknowledged their role in sustaining economic stability and emphasized their contributions to socio-economic development.
Comparing small and large industries, he highlighted the employment opportunities created by small industries, their role in wealth distribution, and their participation in the global supply chain. Singh recognized the significance of heavy industries but emphasized that the nation’s progress cannot overlook small industries.
The Minister also invoked India’s historical prominence as the ‘golden bird,’ which was partly due to the presence of numerous small industries in villages and towns, providing livelihoods to people. He credited small industries for their adaptability and innovation, noting that they often outshine their larger counterparts in introducing new products, services, and business models.
Addressing misconceptions about private industries, Singh clarified, “There is a need to understand the concept of the economy and the fine line between selfish and profit motives. The profits generated by private industries benefit millions of Indian families, driving the country’s economy. Profit is not selfish; it is a legitimate benefit.”
Rajnath Singh highlighted the government’s commitment to supporting small-scale industries and listed several initiatives aimed at their welfare. These include the 2015 MUDRA scheme, offering collateral-free loans to Micro, Small, and Medium Enterprises (MSMEs), as well as providing substantial credit support to MSMEs during the COVID-19 pandemic.
The Defence Minister also underscored the unprecedented measures taken to promote MSMEs in the defense sector, underscoring the government’s dedication to their growth and success.