Rajnath Singh participates in MSMEs E-conclave “SIDM MSME Conclave 2020”
- Defence minister Rajnath Singh said the lockdown to combat the coronavirus disease (Covid-19) had hit the manufacturing sector, disrupted supply chains and the defence industry had also been affected due to the strict confinement measures.
- Acknowledging the hardships faced by the defence industry during an e-conclave, Singh said defence manufacturing had been hit harder than other sectors as the government was the only buyer of defence products.
- The SIDM MSME Conclave 2020 was jointly organized by the Society of Indian Defence Manufacturers (SIDM), Confederation of Indian Industry (CII) and the department of defence production.
- The minister said the financial package and reforms announced by the government to give a push to Prime Minister Narendra Modi’s ‘Atmanirbhar Bharat Abhiyan’ (Self-Reliant India Movement) would strengthen micro, small and medium enterprises (MSME) sector and generate employment.
- MSMEs were the backbone of Indian economy as they accelerated gross domestic product growth, brought in valuable foreign exchange through exports and provided employment opportunities.
- The minister said that more than 8,000 MSMEs were an integral part of the production process of the ordnance factories, defence public sector undertakings, dockyards and base repair depots, and their share equalled nearly 20% of the overall the production of the organisations.
- Singh praised the contribution of MSMEs in India’s fight against the coronavirus pandemic. “I am very happy to know that SIDM has accelerated the manufacturing of DRDO designed personal protective equipment (PPE) kits, masks, ventilator parts.
- PM’s ‘Atmanirbhar Bharat Abhiyan,’ the minister said the campaign would provide a raft of opportunities to the industry and help create millions of jobs.
- From raising foreign direct investment (FDI) in defence manufacturing to creating a separate budget for buying locally-made military hardware and notifying a list of weapons/equipment that cannot be imported, finance minister Nirmala Sitharaman last week announced measures to boost self reliance in the defence sector.
- The FDI limit in the defence manufacturing sector under the automatic route has been hiked from 49% to 74%.
- The Confederation of Indian Industry (CII) is an industry association in India.
- CII is a non-government, not-for-profit, industry-led and industry-managed organization.
- It has over 9,000 members, from the private as well as public sectors, including SMEs and MNCs, and an indirect membership of over 300,000 enterprises from around 265 national and regional sectoral industry bodies
- Formation – 1895
- Headquarters – New Delhi
- President – Vikram Kirloskar
- Director General – Chandrajit Banerjee
जीके और दैनिक करेंट अफेयर्स अपडेट हिंदी में प्राप्त करें – क्लिक करें