"We need to increase defence spending and also de-risk. Therefore we have seen a lot of traction in the Make in India programme. Now, this is very beneficial for both defence PSUs as well as companies such as Bharat Forge, et cetera, which are starting to build out their defence practices. For Bharat Forge, this is particularly important given that a reasonable part of the businesses are still dependent on internal combustion engine kind of lines of business."