Need indigenous cutting-edge tech to save forex: Rajnath

Source : IANS
Author : IANS
Last Updated: Fri, Sep 20th, 2019, 18:52:13hrs
Need indigenous cutting-edge tech to save forex: Rajnath

New Delhi: It is necessary for India to develop indigenous cutting-edge technologies to save precious foreign exchange, Defence Minister Rajnath Singh said while addressing a Special Session of the Annual Engineers' Conclave in Bengaluru on Thursday.

He was there to fly a sortie on the Tejas Light Combat Aircraft (LCA).

"Developing critical and cutting-edge technologies indigenously will make the country self-sufficient, saving the precious foreign exchange, which could be utilized in other development activities in our country," said Singh.

During the course of his address, Singh reiterated the goal of making India a USD 10 trillion economy by 2030-32 and the role of defence industries in this direction.

"As you all know, our goal is to take our economy to USD 5 trillion by 2024 and subsequently to USD 10 trillion by 2030. Defence is the major sector which has to contribute significantly towards realization of this level of growth," he said.

On September 17, addressing the annual session of the Society of Indian Defence Manufacturers in New Delhi, Singh had said that the aim is to make India a USD 5 trillion economy by 2024 and take it to USD 10 trillion by 2030-32.

"The young engineers of this generation have shown more inclination to be entrepreneurs and become job providers rather than job seekers. They have shown that they want to be an active partner in the building of a stronger India," he said in Bengaluru on Thursday.