Defence Secretary invites MSMEs to enter defence & aerospace sectors
Coimbatore, Oct 29 (KNN) As the Centre aiming to double the number of Micro, Small and Medium Enterprises (MSMEs) in the defence and aerospace sectors in the next four to five years, the industrial eco system and MSMEs here should now enter the sectors, said Defence Secretary Ajay Kumar.
Reportedly, he said this while chairing a meeting to kick-start the defence activities through the CODISSIA Defence Innovation and Atal Incubation Centre (CDIIC) here at a virtual meet on Wednesday.
''There are opportunities for MSMEs to indigenise and encourage innovation in the sectors,'' he added.
Kumar asked the units that apart from producing only to meet the domestic requirements, the units should also focus on export opportunities.
''It’s an opportunity created by the Government to open up Original Equipment Manufacturing (OEM) in India to MSME Sector,'' told Yogendra Kapoor, an Economist to KNN India.
Kapoor further said that the MSME/SME can take advantage of this opportunity by creating Products that can cater not only to India's domestic sector but to the export sector wherein they can manufacture and supply cost effective and efficient products for the World.
''They can also invite foreign capital in their Investments. Indian banks will also need to support viable MSME projects by providing adequate Credit,'' he added.
Government of India will also achieve its twin objectives of MAKE IN INDIA & MADE IN INDIA by promoting it through an ecosystem where land is easily made available at concessional rates and one time approval is given in a time bound manner in addition to Tax Concessions, he said.
A total of 50 products have been identified for indigenisation with CDIIC, joint secretary of the Department of Defence Production Sanjay Jaju said. The CDIIC signed agreements with five base repair depots, Air Force, and naval ship repair yard, Kochi, for indigenisation of their components and products.