OPEN APP
Home / News / India /  Aim to achieve $25 bn in defence production, $5 bn exports by 2025: Rajnath Singh

Defence Minister Rajnath Singh on Friday said that the aerospace sector will play a crucial role to reach the targets of domestic defence production of $25 billion and exports of $5 billion by 2025.

Addressing the Bandhan event during Aero India 2021 at the Yelahanka Air Force Station, he said, "During the period 2015-2020, defence exports grew from 2000 crores to 9000 crores. The aerospace sector has an important role to play if we have to reach our targets of domestic defence production of $25 billion and exports of $5 billion by 2025."

"A large number of initiatives have been taken to invite and facilitate the partnership of major companies from across the world and to become a part of India's defence industrial initiative. It's with this objective that the Foreign Direct Investment was raised to 74% from 49% in August 2020," said Rajnath Singh today.

He stated that the fountainhead of any capability emerges from the robustness of its foundation and the vision of our foundation rests on three pillars - Research and Development, Public and Private Defence Production and Defence Exports.

"We have signed 128 MoUs, 19 ToTs, 4 handing overs, 18 product launches and 32 major Announcements, totalling a grand figure of 201 feats. Further, 45 MSMEs participating in Aero India 21 have bagged orders worth 203 Crore. This is a major achievement," said the Defence Minister on Thursday.

Rajnath Singh further stated that an order for 83 LCA MK 1A Tejas fighter jets worth over 48,000 crores that has been given by the Government in December 2020 will give a big boost to domestic manufacturing and especially to the aviation industry, adding that it will spawn new and resilient supply chain.

"With an aim of encouraging the manufacture of defence-related items in India, our endeavour will remain to bring down defence imports by at least $2 billion by 2022. Between 2016 and 2019, 138 proposals worth over $37 billion for domestic manufacturing have been approved," said Rajnath Singh.

Addressing in Bengaluru, the Defence Minister stated that a robust domestic manufacturing base relates directly to the potential for defence exports and the government plans to move from a $11 billion defence base to $25 billion by 2025, adding that it further intends to create an export component of $5 billion.

Singh also said that attaining self-reliance in manufacturing of defence equipment is a crucial factor for maintaining India's strategic autonomy.

Addressing the 'Startup Manthan' at Aero India 2021, Defence Minister said, "Our Government is acutely conscious that startups being the latest entrants in the defence manufacturing sector require that extra push. With this aim in view, we have taken many steps to foster and encourage this partnership with private industry."

"Attaining self-reliance in manufacturing of defence equipment is a crucial factor for maintaining India's strategic autonomy. Innovation for Defence Excellence (iDEX) initiative stands out as one of the most effective and well-executed defence Start-up ecosystems created in our country," said Defence Minister.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Post your comment

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout