"MSMEs to Create more Employment Opportunities", says Defense Minister
Small businesses are the backbone of the Indian economy, according to Defence Minister Rajnath Singh, and they generate more jobs than large corporations. The minister praised small industry for balancing the economy while speaking to business leaders and aspiring entrepreneurs at the opening of the three-day "India Manufacturing Show" in Bengaluru.
"Small businesses generate more job possibilities than major sectors when it comes to investment made. They also make sure that wealth is distributed more fairly throughout society. Many MSMEs are succeeding in exports and are joining the largest corporations in the world's global supply chains", 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 stated.
Singh also emphasised how small businesses can adjust to changes more readily than big businesses. The flexibility of small industries to adapt raises the potential for innovation. "In terms of new products, services, and business models, small industries frequently bring more innovation than large industries", the speaker stated. The minister clarified that emphasising small businesses does not imply diminishing the significance of large industries. He described their relationship as symbiotic.