India
Rajnath Singh said that the government is ensuring Indian private companies get to manufacture several 'big-ticket' items like Fighter Aircraft, Helicopters, Submarines, and armored vehicles.
Updated : Sep 17, 2019, 10:25 PM IST | Edited by : Joydeep Bose
Defence Minister Rajnath Singh today said that the government is committed to working towards achieving a $10 trillion economy by 2030-32 and a $26 billion Defence industry by the year 2025, adding that necessary steps are being taken to ensure arms manufacturers in the private sector flourish.
The current size of the Indian economy is around US$ 2.7 trillion and our goal is to make it to US$ 5 trillion by 2024 and subsequently to US$ 10 trillion by 2030-32.
— Rajnath Singh (@rajnathsingh) September 17, 2019
The Defence Minister was addressing the second annual session of Society of Indian Defence Manufacturers in New Delhi, where he said that the current size of the Indian economy is around $2.7 trillion and the government's goal is to make it to $5 trillion by 2024. Several measures are also being taken under the 'Make in India' initiative to make the country a major Defence manufacturing hub and exporter of Defence goods, he said.
Raksha Mantri Shri @rajnathsingh at the Society of Indian Defence Manufacturers (SIDM) Annual Session 2019 in New Delhi, today. @RajnathSingh_in @DefenceMinIndia @rajnathsingh @SIDMIndia @IAF_MCC @adgpi @indiannavy @PIB_India @PIBHindi pic.twitter.com/R9aCvkY2UK
— ADG (M&C) DPR (@SpokespersonMoD) September 17, 2019
Rajnath Singh said that the government is ensuring Indian private companies get to manufacture several 'big-ticket' items like Fighter Aircraft, Helicopters, Submarines, and armored vehicles.
"Two Defence industrial corridors have been launched in Tamil and Uttar Pradesh," he added.
Addressing the employment opportunities that this initiative is set to open up, the Union Minister said that the developing Defence sector will provide employment to 2-3 million people, mentioning that the recent simplification of licensing and other procedures in has achieved an amount in Defence Exports for 2018-19 that is nearly seven times larger than that of the 2016-17 financial year.
In our envisaged Defence Production Policy, we have spelt out our goal to achieve a turnover of US$ 26 billion in aerospace and defence goods and services by 2025, involving an additional investment of US$ 10 billion and creating employment for nearly 2-3 million people.
— Rajnath Singh (@rajnathsingh) September 17, 2019
I am proud to share with you that simplification of procedures for Defence Exports has resulted in export of Rs 10,745 Crore in 2018-19, which is nearly seven times the export achieved in 2016-17 and we have set a target of US $ 5 Billion for exports till 2024.
— Rajnath Singh (@rajnathsingh) September 17, 2019
He highlighted a unique policy being planned by the government for streamlining of production of arms and other defense equipment - the Transfer of Technology (ToT) policy. Under this process, Singh said, the private industry can now receive technology developed by the government's military research and development agency, the Defence Research and Development Organisation (DRDO).
This transfer, he added, will motivate the defense manufacturing sector to be more self-reliant and come up with innovation strategies, which will promote the sector further.
Rajnath Singh's statement comes in the backdrop of the central government's robust 'Make in India' initiative and Prime Minister Narendra Modi's promise to achieve a $5 trillion economy by 2024.