Plenty of other countries have national service, and quite a few have reintroduced it within the last few years. I don't think it's a bad thing by any means, but I don't think it will be cheap, and I don't think it's likely to be something that's going to happen within the next five years (not on any meaningful scale anyway).
The logistics of it all as well as the need for personnel to train these national servicemen are likely to be major stumbling blocks.