‘Domestic defence-manufacturing to help nation safeguard its prosperity’: MoS Defence – business news

Strong indigenous defence-manufacturing capabilities would help India safeguard its prosperity generated over the last couple of decades, Minister of State for Defence Shripad Naik said on Thursday.

The minister inaugurated the two-day “Defence Conclave 2020” in Gujarat via video-conferencing on Thursday, a press release issued by the Defence Ministry said. According to the release, in his speech, Naik said, “Strong defence capabilities would help the nation in safeguarding the prosperity generated over the last couple of decades and also protect key economic interests like trade routes and safety going forward.”

“Focus on developing a strong domestic capability in defence would be a great economic growth impetus and also help in skilled job creation in manufacturing, a key need and priority for the nation,” he added.

Naik emphasised on the huge opportunity the defence sector presents for the micro, small and medium enterprises (MSMEs).

“The slowing down or saturation of markets in other sectors has also been responsible for directing their (MSMEs) interest towards the unexplored defence sector, which promises sustained business opportunities,” he said.

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