How does achieving self-reliance in defense manufacturing benefit India's economy
Explore the implications of achieving self-reliance in defense manufacturing on India's economic growth and stability.
1.
- Self-reliance in defense manufacturing reduces India's dependency on imports, resulting in cost savings and a decrease in the trade deficit.
2.
- It boosts domestic production and creates jobs in the defense sector, contributing to economic growth and reducing unemployment rates.
3.
- Achieving self-reliance promotes indigenous innovation and technology development, leading to a more competitive economy in the global market.
4.
- Increased defense manufacturing capabilities can spill over into other sectors, driving advancements in technology, infrastructure, and skills development.
5.
- Enhanced defense manufacturing capacity can attract foreign investment, technology transfers, and partnerships, further stimulating economic growth and stability for India.
Answered
11 months ago