New Delhi, Jan 29 (IANS): The Strategic Partnership model will lead to higher participation of the private sector in defence manufacturing and create employment opportunities, President Ram Nath Kovind said on Monday.

"Strategic Partnership policy in defence manufacturing has been given the final shape. It will provide an opportunity for private sector to participate in manufacturing of defence equipment, and also generate employment," he said.

The President also said that his government has kept its promise of giving "One Rank One Pension", which was welcomed by heavy thumping of desks.

"Keeping its promise of 'One Rank One Pension', my government has paid more than Rs 10,000 crore to veterans," he said in his address to a joint sitting of the Parliament on the first day of the Budget Session.

The President also said India has been the first responder in natural disasters and humanitarian crisis in the sub-continent.

He mentioned whether it was an earthquake in Nepal, floods in Sri Lanka or drinking water crisis in Maldives, India was the first to reach out.