New Delhi: Defence Minister Rajnath Singh assured that the Indian government is committed in working towards the achievement of a US$ 26 billion worth Defence Industry by the year 2025, stated news agency ANI on Monday.
Addressing the ‘India Rising’ Seminar at the ‘Defence & Security-2019’ Exhibition in Bangkok, Rajnath Singh was quoted by news agency ANI as saying, “Government of India is committed to work towards achieving a US$ 26 billion Defence Industry by 2025.”
The former BJP President noted that a target of US$ 5 billion in defence exports achievable by the year 2025 has been fixed in the draft Defence Production Policy 2018. “While the target is ambitious, it’s encouraging to know that India’s defence exports grew nearly 6 times over the past two years,” stated news agency ANI quoting Singh during his address in Thailand’s capital city.
“Allocation for defence in India’s budget 2019-20 is around US$ 60 bn. Nearly 65% of parts, components, sub-systems of existing systems has been delicensed, India can now manufacture them and approximately US$ 3 billion worth of defence items are being manufactured by the domestic private sector,” added Rajnath Singh, according to news agency ANI.
The Defence Minister also apprised the business community of ‘Make in India’ initiative and the opportunities available in India for foreign investment. “Defence Sector has been identified as one of the prominent sectors under ‘Make in India’ initiative to realise US$ 5 trillion economy by 2024. India is the 2nd largest importer of arms as of 2014-18 with a share of 9.5% of the total world imports,” Singh was quoted as saying by news agency ANI. “It is definitely the right time to invest and do business in India,” stated Singh in his official Twitter handle on Monday.