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Defence Minister Rajnath Singh on Tuesday expressed hope India will emerge as the defence manufacturing hub for the world.Speaking at the handing over ceremony of the Multi-Mode Hand Grenades to the Indian Army, at EEL premises in Nagpur, Singh said: "The speed with which our industries are progressing, contributing to defence production, exports are increasing day by day, I am sure that soon, in the same newspaper, it will be written, 'India as Defence Manufacturing Hub for the World'.""The transfer of important technologies by the government is a big thing in itself. For private sector companies, Defence Research and Development Organisation (DRDO) is playing the role of an incubator and has provided free transfer of technologies, access to testing facilities and free access to more than 450 patents," he said.The minister added not only transfer of technologies free of cost, but the provision of upfront funding of up to Rs 10 crore under 'Technology Development Fund' has also been made by DRDO for the development of technology.""In order to innovate new technologies, solve problems related to defence and aerospace, and uplift start-ups, 'Innovations for Defense Excellence' or 'iDEX' has also been launched, " he added.Just like the Multi-Mode Grenade, many products like 'Arjun-Mark-1' tank, 'Unmanned Surface Vehicle', 'See Through Armor' have started producing completely indigenously, the Defence Minister added.Technology is one of the primary needs of any industry in today's time, the minister said, adding that "Today it is dominated by those nations, whose dominance is on technology. Since it gets obsolete very quickly, it takes a lot to maintain our dominance in this field.""I was told that industries sometimes spend up to 80-90 per cent in their R&D, the cost of the product is only 10-20 per cent. In such a situation, it is a very difficult task to develop technology for the newly emerging industry," said Defence Minister.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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