Chennai, Aug 28 (IANS): Defence Minister Rajnath Singh on Saturday while pointing out the reform measures and the global market potential, urged Indian industries to make the country a defence manufacturing hub for the world.

Speaking at an event to commission the Indian Coast Guard's ship 'ICGS Vigraha' here Singh said due to global security reasons, border disputes, and maritime dominance, countries around the world are moving towards modernising and strengthening their military power.

He said the demand for military equipment is increasing continuously and as per reports by 2023, the expenditure on security around the world is going to reach $2.1 trillion and is expected to increase further.

Indian industries should take advantage of the reform measures taken by the Central government and work towards making India a defence manufacturing hub, not only for ourselves, but for the whole world, Singh said.

The Defence Minister said the world is changing very rapidly with economic, political, and trade relations between the countries constantly fluctuating.

India cannot be untouched with the developments happening in another country as its interests are directly linked to the Indian Ocean.

"The Indian Ocean region, with more than two-thirds of the world's oil shipments taking place, one-third of bulk cargo and more than half of container traffic, serves as a key route in achieving the world's own interests," Singh said.

According to him, today's changing world certainly impacts these areas as well. As such, we need to be vigilant at all times.

These challenging times also give India an opportunity, which the country should take advantage of.

The Coast Guard's new patrol vessel 98 metres Vigraha will be based at Visakhapatnam and operate on India's Eastern Seaboard.

Apart from having 40/60 Bofors guns and other guns, the ship is designed to carry one twin engine helicopter and four high speed boats.

The ship can also carry pollution response equipment to contain oil spills at sea.