Private sector should put profit and national interest in tandem: Rajnath Singh
He also urged the private sector to strive to increase its contribution in defence manufacturing to over 50 per cent in the years to come.
Defence Minister Rajnath Singh, Chief of Defence Staff General Anil Chauhan and Navy Chief Admiral Dinesh K Tripathi during Samudra Utkarsh seminar in New Delhi on Tuesday. (PTI)
The private sector should adopt a profit-plus approach and come up with platforms and systems that become symbols of the world’s trust in India, Defence Minister Rajnath Singh said Friday, urging the private industry to expand its role and increase pace in production, technology, design and innovation, keeping national interest in mind.
“A profit-plus approach encompasses monetary profit, nationalism, a sense of duty and strategic responsibility. Our goal should not be limited to economic activity; it should be treated as a national mission,” he said, while addressing startups, MSMEs, academia, industry partners and venture capitalists during the fourth edition of the Indian Navy’s Swavlamban seminar.
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Swavlamban is an annual event of the Naval Innovation and Indigenisation Organisation, being conducted in collaboration with the Society of Indian Defence Manufacturers and Defence Innovation Organisation. It provides a platform to showcase indigenous technologies and facilitates collaboration between the Navy and the nation’s innovation ecosystem.
He also urged the private sector to strive to increase its contribution in defence manufacturing to over 50 per cent in the years to come.
While endorsing enhanced collaboration for a robust defence ecosystem, he called upon the private industry to identify and apprise the government about the next big platform, disruptive technology, or a path-breaking innovation.
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Highlighting the long-term financial burden of maintenance, repair, overhaul, and spare parts supply for imported defence equipment, he emphasised the need to create a self-reliant domestic supply chain. “If we strengthen local manufacturing of components and subsystems, our indigenous content will increase rapidly. This will not only enhance capability but also ensure cost efficiency, reliability, and strategic independence,” Rajnath said.
Navy Chief Admiral Dinesh K Tripathi said that with each successive edition, Swavlamban has grown in scope, scale, and participation. “Through this platform, we aim to foster ideas are nurtured, and promising technologies are fast-tracked towards operational deployment,” he said.
Defence Minister Rajnath Singh, Chief of Defence Staff General Anil Chauhan and Navy Chief Admiral Dinesh K Tripathi during Samudra Utkarsh seminar in New Delhi on Tuesday. (PTI) 
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