Small industries have been showing ability to adapt to the changes more easily than large industries and it is the adaptability of small industries which increases the possibilities of innovation, said Defence Minister Rajnath Singh on Thursday while inaugurating the ‘India Manufacturing Show’ in Bengaluru.
Addressing the industry captains and young entrepreneurs at the event, he described small-scale industries as the backbone of India’s economy that contributed 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 moves. Small industries maintain the stability in the economy,’‘ he said.
Highlighting the contribution of small industries to the socio-economic development of the country, he said many MSMEs were doing well in exports and were becoming a part of the global supply chain of the world’s biggest companies. “If you look at the proportions of the investments, smaller companies generate more employment than their large peers. They also ensure a more even dispersion of wealth in society,” he emphasised.
