Union Defence Minister Rajnath Singh on Monday claimed that one of the key driving force behind India's fast-growing economy is Indian Defense manufacturing industry. While addressing the Aero India 2023 CEO Roundtable Conclave in Bengaluru, Defence Minister stated: "Indian Defense manufacturing industry is one of the key drivers of our fast-growing economy," news agency ANI reported.
Speaking about manufacturing industry, Defence Minister stated: "We aim to nurture a vibrant and world-class defence manufacturing industry in the country. To achieve this goal, our government has taken far-reaching reform measures in the last few years, aimed at creating a business-friendly environment."
"India is the 5th largest economy in the world. We hope to become 3rd largest economy in the next 5 years," he further added.
Earlier today, Prime Minister Narendra Modi launched the 14th edition of Asia's largest aviation exhibition, Aero India 2023, at the Air Force Station in Yelahanka.
The Prime Minister also issued a commemorative stamp to mark the event.
The five-day exhibition, themed "The Runway to a Billion Opportunities," will highlight India's advancements in aerospace and defence capabilities.
In accordance with the 'Make in India, Make for the World' goal for a safe and prosperous future, it will demonstrate indigenous equipment/technologies and form collaborations with international industries.
In his speech, the Defence Minister praised Prime Minister Narendra Modi for steering India into the global political and economic map, emphasising his steadfast commitment to the country's industrial and economic progress. Aero India, he said, was a symbol of that determination.
According to Rajnath Singh, India has emerged as a prospective manufacturing location due to its business-friendly climate and cost-competitiveness.
(With Inputs From ANI)