fIndia has set a big goal to increase its defence exports to Rs 50,000 crore by 2029-30, Defence Minister Rajnath Singh announced on Friday. Speaking to industry leaders, Singh said that India’s defence exports have already seen strong growth, rising from just Rs 600 crore in 2014 to Rs 24,000 crore today.
The Defence Minister assured that the government is committed to making India independent in the defence industry. He clarified that several steps have been initiated to encourage domestic production of military hardware. One significant step has been the issuance of a list of military items that cannot be imported anymore and have to be made locally.
Singh stated that India’s overall defence production has now grown to Rs 1.60 lakh crore. The government is planning to double this to Rs 3 lakh crore over the years.
Emphasizing Chhatrapati Sambhajinagar as the future defence production hub, Rajnath Singh requested industry players to submit viable project ideas. The city is endowed with a robust industrial base, stated Singh, and the government is willing to provide support to serious projects.
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Source: Moneycontrol.
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