India Has 'Immense' Potential To Become Global Defense Industry Hub - President

India Has 'Immense' Potential to Become Global Defense Industry Hub - President

NEW DELHI (UrduPoint News / Sputnik - 05th February, 2021) Along with being a huge market, India is also a country of "immense opportunities" for defense manufacturers from across the world, President Ram Nath Kovind said at an air show on Friday.

The president delivered his speech on the final day of Aero India 2021 in Bengaluru.

"Today, India is not just a market, but is also a land of immense opportunities for the whole world, including in the defence sector," Kovind said, as quoted by his office.

He noted that this year's aviation exhibition was "a living proof of India's ever-growing strength in the defence and aerospace sectors at the global level."

According to the Indian leader, the country offers "unprecedented opportunities" to investors and private defense companies, thanks to reforms implemented over the past few years.

"The President said that the government is focused on promoting the 'Ease of Doing business' to encourage manufacturers to set up units in India. The defence sector has also been witnessing steady liberalisation. Industrial licensing requirements have been eliminated for a number of items. The processes for industrial licence and export authorisations have been simplified and made on-line," the statement read.

Despite stressing the importance of self-reliance in defense production, the president reaffirmed that India remains "an ardent advocate of universal peace and development."