Jaitley also pushed for turning India into a key manufacturer of defence hardware from being the biggest buyer.
"Geographically, India is located in a very important position. We have a very large coastline. We also had a history of disturbed neighbourhood and, therefore, our effective preparedness is always the best guarantee for peace in the region," he said at the Naval Dockyard here.
He said private shipyards are also emerging to give a healthy competition to those in public sector. "It's time we cease to be biggest buyer (of defence hardware) in the world and became a very important manufacturer. Today's venture (Kamorta) has demonstrated our strength in that regard."
The high-tech warship is distinct because it exhibits the growing clout and effectiveness of India Navy, he noted. "Yet another important ship has been added to Indian Navy."
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It would carry short-range surface-to-air missiles and active towed array decoy system. It can also carry an integral ASW helicopter, they said.
Measuring 110 metres in length, 14 metres in breadth and displacing 3,500 tons, the ship can achieve a speed of 25 knots, officials said. The ship is fitted with anti-submarine rockets and torpedoes, medium and close-in weapon systems and indigenous surveillance radar 'Revathi'.
The multifarious missions that can be undertaken by the ship truly reflect the enhanced multi-dimensional capability of the Indian Navy, he added.