Urging private sector defence companies to invest in research and development, particularly in technologies relating to cyberspace, Defence Minister Rajnath Singh on Tuesday said the rapid changes in global security scenario are expected to increase demand for military equipment and the Indian industry must focus on boosting production.
The Indian defence industry should take advantage of the policy reforms initiated by the government in the last few years to boost domestic defence manufacturing, Singh said addressing the annual session of the Society of Indian Defence Manufacturers
“You are all aware that the global situation is changing very rapidly.There is no region in the world today that has not been affected by these changes. Its impact can be seen on trade, economy, communication, political equation and military power,” Singh said, adding these changes are set to spur demand for military equipment.
He urged the private sector to invest in research and development with a special focus on cyberspace.
The defence ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing by 2025 that included an export target of USD 5 billion (Rs 35,000 crore) worth of military hardware.