India’s Defense Minister, Rajnath Singh has said the Government is committed to work towards achieving a $26 billion Defence industry by 2025. Addressing the second annual session of Society of Indian Defense Manufacturers here today, he said the Defense sector has been identified as one of the most prominent sectors under “Make in India” Initiative to realize USD 5 Trillion Economy by 2024.
Underlining the need to reduce dependency on arms imports, Singh said several steps have been taken under the “Make in India” initiative to make the country a major manufacturing hub and net Defense exporter. The Government would not hesitate to initiate more measures, if required, he added.
He said that the defense production policy reflects the resolve of the government with an anticipated investment of $10 Billion in related goods and services by 2025. This will also provide employment to about 3 million people. Simplification of procedures for weapons exports has resulted in export of $1.5 billion FY 2019, which is nearly seven times the export achieved in 2017 and a target of $5 Billion for exports has been set till 2024.
Singh said, the government has simplified industry licensing process, increased the FDI cap and taken necessary steps to promote Defense exports. He said, Defense offset policy has been streamlined and government owned trial and testing facility has been provided to private sector. Two Defense industrial corridors have been launched in Tamil Nadu and Uttar Pradesh.
Shri Rajnath Singh further said that strategic partnership model has been introduced in Defense Procurement Procedure to ensure that private sector manufactures big-ticket items like Fighter Aircraft, Helicopters, Submarines and armored vehicles. A road map has been prepared to promote Artificial Intelligence in national security to make India a significant power in Defense AI and to develop 25 Defense Specific AI products by 2024.
