TIL Desk/National/Chennai/ Defence Minister Rajnath Singh on Saturday while pointing out the reform measures and the global market potential, urged Indian industries to make the country a defence manufacturing hub for the world.
Speaking at an event to commission the Indian Coast Guard’s ship ‘ICGS Vigraha’ here Singh said due to global security reasons, border disputes, and maritime dominance, countries around the world are moving towards modernising and strengthening their military power.
He said the demand for military equipment is increasing continuously and as per reports by 2023, the expenditure on security around the world is going to reach $2.1 trillion and is expected to increase further.
Indian industries should take advantage of the reform measures taken by the Central government and work towards making India a defence manufacturing hub, not only for ourselves, but for the whole world, Singh said.
The Defence Minister said the world is changing very rapidly with economic, political, and trade relations between the countries constantly fluctuating. India cannot be untouched with the developments happening in another country as its interests are directly linked to the Indian Ocean.
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