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'Goal is to achieve $10 trillion economy by 2030, defence sector to play major role': Rajnath Singh

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.

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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 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.

 

 

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.

 

 

 

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.

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