Raksha Mantri Shri Rajnath Singh inaugurated the three-day ‘India Manufacturing Show’ in Bengaluru, Karnataka on November 02, 2023. The show has been jointly organised by Laghu Udhyog Bharti & IMS Foundation and supported by Department of Defence Production, Ministry of Defence. The central theme of the event is ‘Make in India, Make for the World’.
Addressing the industry captains & young entrepreneurs present at the inaugural function, the Raksha Mantri 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.
The Minister highlighted the important contribution of these industries to the socio-economic development of the country. “Compared to investment 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. Heavy industries, too, play a big role in the nation’s development, but the country cannot fully progress by ignoring small industries,” he said.
Referring to the opinion of a section of people who believe that private industries operate on selfish motives, the Raksha Mantri said, “There is a need to understand the concept of economy; the fine line between selfish motive and profit motive. The profits of private industries reach crores of families in India, due to which the economy of this country is running. If private industries do not work on a profit motive, they will not be able to contribute to the economy. ‘Profit is not selfish, Profit is legitimate benefit’”.
Tthe Government attaches great importance to the small-scale industries and listed out a number of decisions taken to ensure their welfare. These include MUDRA scheme, launched in 2015, under which a provision was made to provide collateral-free loans to MSMEs. The government also provided additional credit worth crores of rupees for MSMEs during the COVID-19 pandemic.
The sixth edition of ‘India Manufacturing Show’ will provide a platform to the exhibitors to showcase their technologies, equipment and R&D in different sectors, such as aerospace & defence engineering, automation, robotics & drones to the participants. The aim is to bring together best minds, best technologies and best practices while providing business and knowledge sharing opportunities for its participants.
(The article has been adapted from a press release)