Rajnath Singh, defence minister of India, said the Indian economy is likely to return to pre-Covid levels by the end of this fiscal year i.e, FY 2020-21.
"It is the strength of our economy that India during April-August 2020 received the highest ever FDI," Singh said.
Speaking at the virtual Valedictory Session of FICCI's 93rd Annual Convention held yesterday, Singh asserted that the economy will rebound by the end of FY21, which is much earlier than expected, a statement released by the Federation of Indian Chambers of Commerce and Industry (FICCI) said.
The defence minister also said that the country's focus on infrastructure building has not declined and would be a great opportunity to create employment.
He also said that the Aatmanirbhar Bharat Abhiyan is a watershed moment in the history of Indian economy and the undermining of global supply chain has strengthen it further, the press release stated.
Speaking about the defence sector, Singh said the achievements in the sector have helped the other sectors of the Indian economy in multiple ways. "We should catch the next wave of lowering global manufacturing cost to strengthen our manufacturing in the defence sector," he said. In the attempt to revive the country's economy, the defence sector would play a significant role, Singh added.
Singh said the defence platforms in the country have opened doors for the private sector, incentivised domestic production and create defence corridors. On this note, he urged the industry to make defence platforms available to the rest of the world and not just India.
"We are also willing to engage meaning full joint ventures and partnership with other countries. It is time that industry examines this opportunity with both pride and priority," he said.
Singh said despite India being one of the largest forces in the world, the country is dependant on critical areas yet. With some important strides in defence production, a lot more can and must be done, he said. "Private sector can be an important stakeholder in achieving our ambitious target of ₹1,75,000 crore of defence production and ₹35,000 crores of defence exports," he added.
Applauding the entrepreneurs in India who managed to meet a huge demand for masks, Personal Protective Equipment (PPE) kits, sanitisers and ventilators, he said India has the potential to emerge as the manufacturing hub in healthcare. "We should catch the next wave of manufacturing and need to take advantage of global shift in manufacturing to Asia," Singh said.
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