Small industries backbone of Indian economy: Rajnath Singh

New Delhi: Defence minister Rajnath Singh said that small industries are the backbone of Indian economy and create more employment opportunities than big companies.

Addressing industry captains and young entrepreneurs at the inauguration of the three-day 'India Manufacturing Show' in Bengaluru, the minister credited small industry for stabilising the economy.

"Compared to investment made, small industries create more employment opportunities than large industries. They also ensure a more even dispersion of wealth in the society. Many MSMEs are doing well in exports and are becoming a part of the global supply chain of the world's biggest companies," he said.

"Heavy industries, too, play a big role in the nation's development, but the country cannot fully progress by ignoring small industries," he added.

Singh also underlined the ability of small industries to adapt to changes more easily than large industries. "It is the adaptability of small industries which increases the possibilities of innovation. Many times, small industries bring more innovation than large industries in terms of new products, services and business models," he said.

The minister mentioned that drawing focus towards small industries does not mean undermining the importance of heavy industries. He termed the relationship between the two as symbiotic. -