'A strong Indian defence industry will make India more secure, prosperous': PM Modi

Prime Minister Narendra Modi on Wednesday stated that a strong Indian defence industry would not only make the nation more secure, but would also help make India more prosperous.

"Our security challenges are well known. We do need to increase our defence preparedness. We do have to modernise our defence forces. I am confident that India will emerge as a major global centre for defence industry. We will build an industry that will have room for everyone - public sector, private sector and foreign firms. A strong Indian defence industry will not only make India more secure. It will also make India more prosperous," the Prime Minister said, while inaugurating the Aero India 2015 at the Air Force Station Yelahanka in Bangalore.

Speaking of the Aero India 2015, Prime Minister Modi termed the event a platform to launch the nation's defence manufacturing, adding that the sector was at the core of the 'Make in India' initiative.

"This air show reflects a new level of confidence within our country and global interests in India. We are increasingly integrating technology and systems: these opportunities make Aero India an important international event. It is a platform to launch India's defence manufacturing sector, boost investment, raise technological levels and increase economic growth in country," he said.

"We are reforming our Defence procurement policies and procedures. Studies show that even a 20 to 25 percent reduction in imports could directly create additional 1,00,000 to 1,20,000 highly skilled jobs. If we could raise percentage of domestic procurement from 40 percent to 70 percent in the next five years, we would double the output in our defence industry. We are focusing on developing India's defence industry with a sense of mission. This is why it is at the heart of the 'Make in India' programme," he added.

Expressing his confidence in India emerging as a major global centre for the defence industry, Prime Minister Modi urged the increased involvement of scientists and other intelligentsia.

"Our government has introduced significant reforms in our offsets policy. I am acutely aware that it still needs a lot of improvements, and I assure you that we will pursue them. I want our offsets policy to not be a means to export low-end products but to acquire state-of-the art technology and skills. We must involve our scientists, soldiers, academia, industry and independent experts more closely in research and development of the sector," he said.

"We must ensure that our tax system does not discriminate against domestic manufacture in comparison to imports. Our defence industry will succeed more if we can transform the manufacturing sector in India. This is the beginning of a new era for the defence industry in India. We want to develop an industry that is dynamic. It should constantly stay at the cutting edge of the global industry. Aero India can be a catalyst in realizing our goals. I am confident that India will emerge as a major global centre for Defence industry," he added.

The Aero India 2015, which took place at the Air Force Station Yelahanka in the city, saw Defence Ministers or officials of equivalent ranks of many nations, including the US, Russia, Israel and Germany attend. Union Defence Minister Manohar Parrikar and Minister of State for Defence Rao Inderjit Singh were also present.