New Delhi: In what could be a boost to the defence industry, Defence Minister Rajnath Singh said that “in the next 5-10 years, orders worth over $100 billion are expected to be placed through the defence sector and it will become a major partner in the economic development of the country.”
The Minister who reviewed the operational preparedness of Navy at the Naval Commanders’ Conference held aboard indigenous aircraft carrier INS Vikrant told the Commanders, that defence sector will emerge as catalyst in the country’s growth to become top economic power. Today, our defence sector is on the runway, soon when it takes off, it will transform the country’s economy. If we want to see India among the top economic powers of the world by the end of ‘Amrit Kaal’, we need to take bold steps towards becoming a defence superpower,” the Minister said.
The Minister lauded the Navy for standing firm and protecting national interests with courage and dedication. But, he advised them to continue focussing on futuristic capability development to effectively overcome the emerging security challenges in the maritime domain. “Future conflicts will be unpredictable. The constantly-evolving world order has forced everyone to re-strategise. Constant vigil on the northern & western borders as well as the entire coastline must be maintained. We need to be ready to deal with all future challenges,” he said.
Singh reiterated the need to be self-reliant in these times and listed out several steps taken towards that direction — the latest being the recent announcement of earmarking record 75 per cent of the defence capital procurement budget for domestic industry in 2023-24.
He interacted with the Naval Commanders and witnessed the operational demonstrations at sea, highlighting the Navy’s capability to undertake multi-dimensional missions towards safeguarding the maritime interests of the country.