Sun, Dec 4, 2016 | updated 05:26 AM IST

India Inc. has full faith in leadership of PM Modi, says ASSOCHAM

Updated: Sep 29, 2016 15:49 IST

New Delhi [India], Sep 29 (ANI): India Inc. is completely with Prime Minister Narendra Modi who has been showing ideal leadership qualities in dealing with situations of heightened tensions with Pakistan, apex industry body ASSOCHAM said today after India conducted surgical strikes against Pakistani terrorists' launch pads across the Line of Control ( LoC).

"For the sake of national security, the Indian economy has a strong bandwidth to deal with any possible after effects of the current state of tensions with Pakistan," said ASSOCHAM.

"The current situation also underlines the need for India to set up its own manufacturing base for high technology arms and ammunition with our country being among the largest importer of defence equipment. The government has already taken measures to liberalize foreign investment to set up defence manufacturing bases in India, but more needs to be done," ASSOCHAM said in a statement.

The chamber added that while reaction in the stock market to the news of India's surgical strikes was understandable, there is no cause of concern for the Indian economy which has the capabilities to take any extra costs to be borne for the sake of our national security. (ANI)