MOSCOW (Sputnik) – The technical rearmament has a positive influence on Russia’s defense industry, stable rates of growth were achieved in this sector, Russian President Vladimir Putin said Tuesday.
“Technical rearmament has a positive influence on economic indicators of the defense industry organizations, increases their capabilities in production of serial and prospective samples of weapons and equipment. Overall, stable rates of growth have been achieved in the defense industry, exceeding analogous indicators of other sectors of economy,”
According to the Russian leader, the output of the country’s defense industry in 2016 increased by 10.7 percent and all of its sectors showed growth in comparison to the 2015 figures.
The president added that the rates of growth of the labor productivity in the defense industry stood at about 8.8 percent.
Russia is in the process of implementing a large-scale rearmament program. The program aims at modernization of 70 percent of the country’s military hardware by 2020. The cost of the modernization program is estimated at about 20 trillion rubles (about $344 billion at the current exchange rates).