New Delhi, September 1 (IANS). Defense Minister Rajnath Singh on Tuesday said India's manufacturing vision should be based on the principle of 'Make in India, Make for India and Make for the World'. He asked MSMEs to take advantage of the emerging global trade opportunities and transform themselves into globally competitive companies.
Addressing an MSME event in Greater Noida, Defense Minister Rajnath Singh urged small and medium industries to invest a part of their turnover in research, development and upgrading technology.
He also encouraged them to partner with universities, IITs, research institutes, DRDO laboratories, startups and large industries to strengthen their technological capabilities.
The Defense Minister said that the vision of 'Developed India 2047' represents an India that is globally competitive in manufacturing, leading in technology and innovation, and self-reliant in strategic and economic capabilities as well as creating ample employment opportunities for the country's youth.
Highlighting the changing global supply chain and increasing demand for reliable manufacturing partners, Rajnath Singh said that these developments present a huge opportunity for Indian MSMEs to expand their presence in international markets.
He noted efforts by the government under the leadership of Prime Minister Narendra Modi to deepen trade partnerships through free trade agreements (FTAs) with key countries including the US, UK, New Zealand, Oman, Switzerland and the EU.
He said, “These FTA networks open up a vast store of global trade and export opportunities for MSMEs and industries. They should take full advantage of these international partnerships and trade agreements through government schemes like credit guarantee extension and GST rationalization and take Indian products to every corner of the world.”
Rajnath Singh said the number of MSMEs in India has increased from about 4.67 crore in 2012-13 to about 8 crore currently, reflecting the growing entrepreneurship ecosystem in the country.
He identified drones, artificial intelligence, robotics, cyber security, advanced electronics, sensors, autonomous systems, advanced materials, space and quantum technologies as areas that provide significant opportunities for MSMEs.
He said, “Indian MSMEs must make their mark in the global markets through quality and reliability. The importance of these qualities is even greater in the defense sector, where the reliability of every component directly impacts the operational effectiveness of the defense forces.”
–IANS
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