MSME Defence Week Highlights Key Role of Small Enterprises in India's Defence Production

ENA Sectors 2024-09-18 15:01:08 New Delhi, Sep 18 (KNN) The fourth edition of MSME Defence Week commenced today, offering a dynamic platform for Micro, Small, and Medium Enterprises (MSMEs) to showcase their cutting-edge products and services tailored for the defence sector. Organised by EEPC India, this prestigious four-day event will feature over 25 prominent speakers across eight dedicated sessions, all aimed at fostering collaboration and innovation within Indias burgeoning defence and aerospace industries. In his keynote message, Vimal Anand, Joint Secretary at the Department of Commerce, Ministry of Commerce & Industry, underscored the importance of platforms like MSME Defence Week in scaling opportunities for MSMEs entering the defence value chain. He emphasized the need for these enterprises to extend their reach into civilian markets while utilising the support offered by the Ministry. We must build a robust value chain ecosystem for MSMEs in defence and aerospace engineering, Anand stated, encouraging all stakeholders to seize the opportunities provided by the government. Speaking during the inaugural session, K K Yadav, Director of the Defence Investor Cell (DIC), Department of Defence Production, highlighted the critical role MSMEs play in Indias manufacturing sector. MSMEs contribute nearly 30 per cent to the country's GDP, with over one-third of total manufacturing output coming from these enterprises. They are a crucial force in employment generation, he said. Yadav also noted the governments efforts in boosting defence production, revealing that defence manufacturing reached Rs 1.26 lakh crore in FY24, marking a 16 per cent increase over the previous year. He highlighted key initiatives, including the ADITI scheme under iDEX (Innovations for Defence Excellence), which provides startups with grant-in-aids of up to Rs 25 crores to encourage innovation in critical defence technologies. EEPC India Chairman, Arun Kumar Garodia, lauded the government's reforms in the defence sector, including the Defence Acquisition Procedure 2020 and the establishment of defence corridors. The defence and aerospace industries are pivotal for India's growth in manufacturing and exports. They generate a multiplier effect throughout the supply chain and promote high-tech skill development, he said. The event closed with a vote of thanks by EEPC India Senior Vice Chairman, Mr. Pankaj Chadha, expressing gratitude to all the distinguished guests, speakers, and participants for their contributions. (KNN Bureau) 39317 https://knnindia.co.in/news/newsdetails/sectors/msme-defence-week-highlights-key-role-of-small-enterprises-in-indias-defence-production 2024-09-18 15:01:08 knnindia.co.in MSME Defence Week Highlights Key Role of Small Enterprises in India's Defence Production