Defence Minister Rajnath Singh also highlighted that 10,000 Indian SMEs have joined the defence sector due to the steps taken by the government

Defence Minister Rajnath Singh on Tuesday highlighted that in the last seven years, defence exports have crossed the mark of Rs 38,000 crore, with more than 10,000 small businesses joining the defence sector due to the steps taken by the government.

The minister urged private sector defence companies to invest in research and development, particularly in technologies relating to cyberspace.

In an address at the Society of Indian Defence Manufacturers event, he said the rapid changes in the global security scenario are expected to increase demand for military equipment, and the Indian industry must focus on boosting production.

He said the Indian defence industry should take advantage of the policy reforms initiated by the government in the last few years to boost domestic defence manufacturing.

"You are all aware that the global situation is changing very rapidly. There is no region in the world today that has not been affected by these changes," he said.

"Its impact can be seen on trade, economy, communication, political equation, and military power," Singh said, adding these changes are set to spur demand for military equipment.