New Delhi, Feb. 25 -- Admiral Dinesh K Tripathi, Chief of the Indian Navy, has described India's semiconductor policy as 'essentially new oil for the economy' that will significantly benefit both civilian and defence sectors, particularly for the technology-driven Navy.

Speaking at an event on Monday, Admiral Tripathi emphasised the importance of private sector leadership in defence manufacturing to achieve self-reliance.

"If India has to become self-reliant, then the private industry must take the lead in defence manufacturing," he stated.

The Admiral highlighted key financial commitments from the Ministry of Defence, noting that 75 percent of the modernisation budget, approximately Rs 1 lakh crore, has been allocated for the defence ...