Indian Cannot Fully Progress Ignoring Small Industries: Union Minister Rajnath Singh

New Delhi, Nov 4 (KNN) Defence Minister Rajnath Singh on Thursday said that the small industries ensure more dispersion of wealth in society in comparison to large industries and the country cannot fully progress by ignoring small industries.

Speaking at the India Manufacturing Show, Singh highlighted the contributions made by the small industries to the socio-economic development of the country.

"Compared to investments made, small industries create more employment opportunities than large industries. They also ensure a more even dispersion of wealth in society. Many MSMEs are doing well in exports and are becoming a part of the global supply chain of the world's biggest companies,”he said.

Rajnath Singh was speaking after inaugurating the three-day 'India Manufacturing Show' in Bengaluru.

The show has been jointly organised by Laghu Udhyog Bharti and the IMS Foundation and supported by the Department of Defence Production under the Ministry of Defence.

The central theme of the event is 'Make in India, Make for the World'. The sixth edition of the 'India Manufacturing Show' will provide a platform for the exhibitors to showcase their technologies, equipment and R&D in different sectors, such as aerospace and defence engineering, automation, robotics and drones, to the participants.

Addressing the industry captains and young entrepreneurs present at the inaugural function, Defence Minister Singh described the small-scale industries as the backbone of India's economy that contribute 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 of the economy moves," he said, also crediting the small industries for maintaining stability in the economy.

Rajnath Singh also underlined the ability of small industries to adapt to the changes more easily than large industries.

"It is the adaptability of small industries which increases the possibilities of innovation. Many times, small industries bring more innovation than large industries in terms of new products, services and business models," he said.

The defence minister also enumerated the unprecedented steps taken for MSMEs in the defence sector.

(KNN Bureau)