Union Minister of State for Defence M M Pallam Raju on Wednesday said that the defence sector presented immense opportunities for the private sector and enterprise.

In his address at the inaugural session of the three-day TiE-ISB Connect 2006 at the Indian School of Business (ISB) here, Pallam Raju pointed out "today India is no longer a nation that is merely protecting its political boundaries but a nation that is increasingly conscious of its economic interests worldwide. Enabling the nation to protect and safeguard its economic interests calls for forces that are better prepared and capably armed."

"Although the public sector is providing a veritable security blanket to the needs of our preparedness, there exists immense opportunity to the private sector and enterprise to fulfil the evolving and challenging needs of the armed forces to evolve into a capable force that will be involved in a more technologically challenged environment that calls for greater information processing and greater network centric warfare capabilities," he added.

• TiE-ISB Connect 2006: Complete Coverage

He said that although the public sector was providing a veritable security blanket to the needs of the country, there existed immense opportunity to the private sector and enterprise to fulfil the evolving and challenging needs of the armed forces to evolve into a capable force.

"The geographical realities of being surrounded by failed states also pose the nation with great security and diplomatic challenges. I would like to urge the organisers to encourage our entrepreneurs to be alive to the potential that this sector presents."

He assured the gathering that the government headed by Prime Minister Manmohan Singh was committed to creating an environment conducive to growth and for fostering a climate where the "spirit of enterprise can soar in an unshackled economic environment."

"I would like to urge the TiE and ISB (organisers of Connect 2006) to encourage our entrepreneurs to be alive to the potential that this sector presents," he added.

He said that Indian economy has been consistently averaging a growth rate of eight percent for the last three years and it was expected to cross that figure in the years ahead. "As a rising economy in the region and with one of the youngest skilled workforce in the world coupled with an immense entrepreneurial potential, the spotlight is definitely on India," he observed.

He recalled that a distinct and a focused approach to emerging opportunities thrown open due to the increasingly liberalising the environment over the last two decades has created entrepreneurs in new and emerging fields who have become the poster-boys of the economically liberated India.

These entrepreneurs have made their mark in information technology, telecom, the knowledge economy-based services, design, pharmaceuticals, infrastructure, banking and a variety of products and services.

"They had stepped in with bold initiatives while the established business houses chose to tread cautiously in a changing environment. It remains to be seen how the spirit of enterprise will evolve in the times ahead," he said.

He assured the 'enterprising' gathering that the Manmohan Singh Government was committed to creating an environment conducive to growth and for fostering a climate where the spirit of enterprise can soar in an unshackled economic environment.

"We are simplifying tax structures and streamlining compliance norms, thereby setting in an environment of transparency and easy compliance. I am sure that the benefits of these measures will be increasingly realised by the entrepreneurial class," he added.

• TiE-ISB Connect 2006: Complete Coverage