Bengaluru: Aimed at creating a vibrant industrial base with a focus on private industry, National Small Industries Corporation (NSIC) on Thursday held the MSME DEFEXPO 2015.
Union minister for MSMEs Kalraj Mishra also expressed his hopes for MSME DEFEXPO 2015 in a statement.
India, till recent past, relied heavily on the foreign manufacturers for the procurement of defence-related equipment. However, there was always, a need for self-reliance,
The expo facilitated linkages between MSMEs and large global defense equipment suppliers and producers.
Our focus now is on enabling SME sector for the supply of equipment, machineries and general consumables, adding SMEs in the supply chain of high technology products and services related to defense sector, as SMEs are real component of indigenization,
Nearly 200 MSMEs and global giants, including Boeing, Airbus, Honewell and Zen Air Defence Canada participated in the expo.
According to the statement, Indian aerospace and defence expenditure on capital acquisition is estimated to reach around $120-150 billion in the next 10 years.
MSME DEFEXPO 2015 was designed from Prime Minister Narendra Modi’s pet project ‘Make in India’ initiative point of view.
By next decade, India aims to double its defence equipment procurement value to 75 percent through Indian vendors, the statement added. (IANS)
MAIDUGURI, NIGERIA, 5 September,2016: Nigerian military indicates that arms and ammunition are being sold to Boko Haram, leading to the corruption plaguing their fight against the Islamic extremists continues despite government efforts to halt graft.
The admission comes three weeks after the Nigerian army said a military tribunal is trying 16 officers and troops accused of offenses related to the fight against Boko Haram, including the theft and sale of ammunition.
Follow NewsGram on Twitter Maj. Gen. Lucky Irabor, the theater commander in northeastern Nigeria, told a news conference on Thursday, September 1, 2016 that military authorities have confirmed that some soldiers were selling arms and ammunition to Boko Haram. He called it a betrayal of the Nigerian people. He gave no more details.
President Muhammadu Buhari has blamed corruption for the deaths of thousands in the seven-year Islamic uprising that has killed more than 20,000. Children who escaped Boko Haram are dying of starvation in refugee camps in the northeast, where the government is investigating the alleged theft of food aid.
A soldier on the frontline of the fight told The Associated Press that his brigade commander is among officers standing trial at the court-martial in this northeastern city, which is being held in secret. He said the army is investigating what happened to 21 anti-aircraft guns assigned this year to his artillery brigade. He said they only received one gun. The soldier spoke on condition of anonymity because he feared he would lose his job.
In addition, a slew of retired and current military officers are being investigated for diverting hundreds of millions of dollars budgeted to help curb the Islamic uprising. Among them is Alex Badeh, a four-star general whom Buhari fired from his post as chief of defense staff. Witnesses have told a Federal High Court that Badeh stole the equivalent of $24 million budgeted for salaries in 2013 and built a shopping mall in Abuja, the capital.
Civil society groups are demanding the investigation of the current chief of army staff, Lt. Gen. Tukur Buratai, for allegedly buying with cash two properties worth $1.5 million in Dubai. Buratai has said he bought the property on installment with savings.
Before Buhari took power, soldiers told the AP they were forced into battle with just 30 bullets each and no food rations. They said Boko Haram was better armed and that their officers were stealing parts of their salaries and allowances. Many ran away when the extremists attacked, allowing Boko Haram to take control of a large swath of northeastern Nigeria in 2014.
Under Buhari, a former military dictator, a multinational force has retaken most towns but Boko Haram remains active outside urban areas, carrying out hit-and-run attacks, suicide bombings and abductions of women and girls. (VOA)
Bhubaneswar: The Odisha government has asked the Odisha Khadi and Village Industries Board (OKVIB) to prepare a road map to generate 60,000 jobs in the next four years, said an official on Wednesday.
The Micro, Small and Medium Enterprise (MSME) department has asked the board to chalk out a proposal for implementation of a employment generation programme for providing employment to over 60,000 people by 2019 and furnish it to the government, said MSME additional secretary F.M. Nayak in a letter to the secretary of OKVIB.
The board has been asked to meet the target of creating 15,000 jobs every year, including 1,250 jobs every month.
The MSME department took the decision to enhance employment opportunities in the sector following the advice of Odisha Chief Minister Naveen Patnaik.
Nayak asked the board to come up with a definite strategy for promotion of village industries so that more employment opportunities for the youths can be generated for the next four years.
During that period, the department would revive 60 khadi societies. It has also been decided to promote bee farmers in the state.
The government has targeted to promote 10,000 bee farmers by 2019. The board has planned to open sales outlets in major cities and towns to promote sale of its various products.
World Bank has approved a loan of $500 million to Small Industries Development Bank of India (SIDBI) which will be used to improve access to finance of Micro, Small and Medium Enterprises (MSME) in manufacturing and service sectors, Minsitry of Finance said.
The loan agreements for World Bank (IBRD) assistance of US$ 500 million to Small Industries Development Bank of India (SIDBI) for MSME Growth Innovation and Inclusive Finance Project was signed here today between Government of India and the World Bank.
The objective of the project is to improve access to finance of Micro, Small and Medium Enterprises (MSME) in manufacturing and service sectors from early to growth stage, including through innovative financial products. The project also aims to support growth and employment creation through unlocking opportunities for firm growth that the financing would provide.
Funded MSMEs will be the primary beneficiaries. MSMEs for the purpose of this project will be firms that are considered as MSMEs under the MSME Act. The project specifically benefits SIDBI by enhancing its financial and institutional capacity in the areas of early stage, service and manufacturing sector financing, and also supports other Participating Financial Institutions (PFIs).
The project will have three components which are: (i) Spurring Early Stage and Risk Capital Finance, (ii) Supporting service sector financing models and (iii) Supporting finance to manufacturing MSMEs.
It is a loan with an implementation period of 5 years. Small Industries Development Bank of India is the implementing agency.
The Guarantee Agreement was signed by Mr. Tarun Bajaj, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. Onno Ruhl, Country Director (India) of World Bank on behalf of the World Bank. The Loan Agreement was signed by Mr. Kshatrapati Shivaji, CMD, SIDBI and Mr. Onno Ruhl, Country Director (India) of World Bank on behalf of the World Bank. Representative(s) from Small Industries Development Bank of India (SIDBI) and officials from the World Bank, among others, were present.