Defense Minister Rajnath Singh said that India has set a target of Rs 1.75 lakh crore business in the defense manufacturing sector by 2025. The government’s priority is to promote domestic production of military equipment, he said. Singh has asked the Indian defense industry to manufacture modern and cost-effective products so as to realize the government’s vision of a ‘New India’. Rajnath said that we could not only fulfill our own needs but also the needs of other countries.
Rajnath Singh said that the ever-evolving global scenario has increased the demand for military equipment across the world. In which countries are focusing on strengthening their security apparatus to meet the new challenges.
1.75 lakh crore business by 2025
The Defense Minister said, “Seven to eight years ago, our defense exports were not even Rs 1,000 crore. They have now crossed ₹13,000 crores. We have set a defense production target of Rs 1.75 lakh crore by 2025, which includes exports of Rs 35,000 crore.”
The government’s priority is to promote domestic production of military equipment, he said. The government has earmarked about Rs 85,000 crore in the defense budget for the purchase of military equipment from domestic companies as part of efforts to support the domestic defense industry. The Defense Ministry has already issued three lists related to non-import of 309 defense items after different timelines.
record foreign investment
He also highlighted the strategic partnership model for defense production, which aims to encourage the production of fighter jets, military helicopters, tanks and submarines in the country. Talking about the Indian economy, the Defense Minister said that the country received a total foreign direct investment of $ 83.57 billion in the last financial year, which is a record. He said that the whole world is showing interest to invest in India as the country has emerged as an attractive investment destination. Singh said, it shows that now is the time to move forward at a much faster pace.
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