(MENAFN- KNN India)
Defence Minister exhorts industry to invest boldly
New Delhi, Oct 1 (KNN) Defence Minister Rajnath Singh urged the Indian defence Industry to make new investments and focus on research & development (R&D) to reach new heights.
He was addressing the 117th Annual session of PHD Chamber of Commerce & Industry (PHD-CCI) on Friday.
“Make new investments, put more emphasis on research & development, and harness its full potential to take the Indian defence industry to new heights. This effort of yours will be very important not only for the defence industry, but also for the overall growth of the entire country,” he said.
He added that the Indian defence sector offers immense potential and the companies even from abroad see opportunities.
Appreciating the PHD-CCI for scheduling a dedicated session on 'Make in India: A success story of India's Defence Indigenization' he said that this is equally related to the national security, and the economic progress of the country.
Striking an optimistic note, he said that Indian defence industry is progressing steadily in partnership with private sector.
Elaborating upon the far-reaching reforms undertaken by the MOD to bolster the private sector participation in defence sector, he said that Government labs opened to the private industry, transferred technology at zero fee, provided access to test facilities, and upfront funding through DRDO was provisioned. (KNN Bureau)
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