DefExpo 2018; MSMEs eye at newer opportunities in defence sector with dedicated SME fund
Chennai, Apr 14 (KNN) With DefExpo 2018 to conclude, the participants including the Micro, Small and Medium Enterprises (MSMEs) at the event are eyeing at newer opportunities and prospects.
Department of Defence Production announced creation of a dedicated Defence and aerospace small and medium enterprises (SME) fund along the sidelines of the expo. The fund is to be facilitated through the Securities and Exchange Board of India (SEBI).
The prime focus of the fund would be to help channelize investments into the two defence corridors including Tamil Nadu and Uttar Pradesh.
Talking to KNN, Pushpak Prakash, Chairman MSME Defence Supplier Group of FISME said that the event comes as a successful one especially for the MSME sector.
“The announcements made were in line with the expectations of the industry and the MSMEs. With the government assuring special steps to be taken for the sector’s participation in defence, there is a new wave of energy among the entrepreneurs”, he added.
With over 6000 MSMES working in defence sector at present, the government is focussing to increase the participation from the sector.
Also during the event, the government laid special emphasis on the Defence Procurement Procedure 2016 for the MSMEs. In the framework, the ministry had announced steps including emphasis on indigenous design, increase of export ratio in weaponry in an attempt to enhance the role of MSMEs. (KNN/DA)