Indian Economy News

Raksha Mantri Shri Rajnath Singh hands over 12 High Speed Guard Boats, constructed under India’s $US 100 million Line of Credit, to Vietnam

During his visit to the Hong Ha Shipyard in Hai Phong on June 9, 2022, Minister of Defence, Mr. Rajnath Singh, handed over 12 high-speed guard boats to Vietnam. The boats were built with funds from the Indian government's US$ 100 million Defence Line of Credit to Vietnam. The first five boats were built in India at the Larsen & Toubro (L&T) Shipyard, and the other seven at the Hong Ha Shipyard.

He claimed that the Indian defence sector has significantly enhanced its capabilities as a result of Prime Minister Mr. Narendra Modi's 'Aatmanirbhar Bharat' goal. He emphasised that the goal is to develop a domestic industry that will enable India to become a defence manufacturing hub that will meet both domestic and international needs.

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