- Thursday, April 18, 2024
By: Radhakrishna N S
INDIAN defence minister Rajnath Singh has said on Tuesday (17) that the government is committed to work towards achieving a $26 billion (£21bn) defence industry by 2025.
Addressing the second annual session of Society of Indian Defence Manufacturers here in New Delhi, he added the defence sector has been identified as one of the most prominent sectors under ‘Make in India’ Initiative to realise a £4 trillion economy by 2024.
Underlining the need to reduce the dependency on arms imports, the minister said several steps have been taken under the ‘Make in India’ initiative to make the country a major defence manufacturing hub and net defence exporter.
The government will not hesitate to initiate more measures, if required, he added.
He said that the defence production policy reflects the resolve of the government to achieve a £21bn defence industry with an anticipated investment of $10bn (£8bn) in aerospace and defence goods and services by 2025.
This will also provide employment to about two to three million people.
Simplification of procedures for defence exports has resulted in export revenue of Rs 107.45bn (£1.21bn) in 2018-19, which is nearly seven times the export revenue achieved in 2016-17. A target of $5bn (£4bn) for exports has been set till 2024.
