NB Viewpoint | Rajnath Singh hails small industries as backbone of Indian Economy

"Small industries are the motor of the Indian economy. The faster the motor runs, the quicker the vehicle of the economy moves," he said

NewsBharati    02-Nov-2023 19:06:59 PM
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"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. Heavy industries, too, play a big role in the nation's development, but the country cannot fully progress by ignoring small industries" - Rajnath Singh, Union Defence Minister

New Delhi, Nov 2: Defence Minister Rajnath Singh, speaking at the India Manufacturing Show on Thursday, highlighted the contributions made by the small industries to the socio-economic development of the country, noting that they ensure more dispersion of wealth in society in comparison to large industries.
 
 
Rajnath Singh
 
 
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 Rajnath 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. During his address, the Minister remembered the time when India was called the 'golden bird' and a big reason he said was that there were many small industries in villages and towns, which provided employment to the people.
 

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"In ancient times, there were no large-scale industries in India; they were only small industries. Textile, iron and shipbuilding were the three industries for which India was known all over the world. They showcased our industrial capability," Singh noted. Rajnath Singh also underlined the ability of small industries to adapt to the changes more easily than large industries. Referring to the opinion of a section of people who believe that private industries operate on selfish motives, Rajnath Singh 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'."
 
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