Small-scale industries are backbone of India’s economy: Rajnath Singh

Bengaluru: Raksha Mantri Rajnath Singh said yesterday that small industries are the backbone of the Indian economy.  Addressing at the three days India Manufacturing Show in Bengaluru, he said, the faster the motor runs, the quicker the vehicle of the economy moves. He also credited the small industries for maintaining stability in the economy.

He described the small-scale industries as the backbone of India’s economy that contribute immensely to the development of the nation. Raksha Mantri remarked that the small-scale industries have received a boost due to the Make in India and Make for the World initiatives taken up by the Government. Listing out the number of decisions taken to ensure the growth of domestic production, he said that for the first time restrictions are imposed on itself for the import of weapons. 

Under five positive indigenisation lists, 509 pieces of equipment have been identified which are to be manufactured within the country. In addition, four positive indigenisation lists for Defence Public



Sector Undertakings were promulgated to procure 4666 items within the country. The Government also reserved 75 per cent of the defence capital acquisition budget amounting to one lakh crore rupees for the purchases from local Indian companies. 

Mr Rajnath Singh also pointed out that the Innovations for Defence Excellence or iDEX programme is encouraging defence manufacturing through start-ups and innovators. iDEX Prime was launched to support projects by start-ups in the Defence sector. He called upon the industries to take up the responsibility of social welfare and join hands with the Government for the growth of education, health and sanitation in the country. 

Rajya Sabha MP Sudhanshu Trivedi and Bengaluru South Member of Parliament Tejasvi Surya and representatives from the Industries took part in the inaugural event. The show is jointly organised by Laghu Udhyog Bharati, IMS Foundation and supported by the Department of Defence Production, Ministry of Defence.