Defence exports have crossed the Rs 38,000 Cr in 7 years: Rajnath Singh
Defence Minister Rajnath Singh also highlighted that 10,000 Indian SMEs have joined the defence sector due to the steps taken by the government.
Defence Minister Rajnath Singh on Tuesday highlighted that in the last seven years, defence exports have crossed the mark of Rs 38,000 crore, with more than 10,000 small businesses joining the defence sector due to the steps taken by the government.
The minister urged private sector defence companies to invest in research and development, particularly in technologies relating to cyberspace.
In an address at the Society of Indian Defence Manufacturers event, he said the rapid changes in the global security scenario are expected to increase demand for military equipment, and the Indian industry must focus on boosting production.
He said the Indian defence industry should take advantage of the policy reforms initiated by the government in the last few years to boost domestic defence manufacturing.
"You are all aware that the global situation is changing very rapidly. There is no region in the world today that has not been affected by these changes," he said.
"Its impact can be seen on trade, economy, communication, political equation, and military power," Singh said, adding these changes are set to spur demand for military equipment.
In this context, he urged the private sector to invest in research and development with a special focus on cyberspace.
"We are providing a suitable growth environment to the private sector. Accordingly, we have opened up opportunities to build fighter jets, helicopters, submarines, and tanks in India through the strategic partnership model," Singh said.
The government has initiated a series of measures in the last couple of years to encourage the domestic defence industry.
In August last year, Singh announced that India will stop the import of 101 weapons and military platforms like transport aircraft, light combat helicopters, conventional submarines, cruise missiles, and sonar systems by 2024.
A second negative list, putting import restrictions on 108 military weapons and systems, such as next-generation corvettes, airborne early warning systems, tank engines and radars, was issued recently.
In May last year, the government announced increasing the FDI limit from 49 percent to 74 percent under the automatic route in the defence sector.
The government has been focusing on reducing dependence on imported military platforms and has decided to support domestic defence manufacturing.
The defence ministry has set a goal of a turnover of $25 billion (Rs 1.75 lakh crore) in defence manufacturing by 2025.
Edited by Suman Singh