Rajnath Singh says ‘world is waiting for Indian products’, reiterates govt’s commitment of achieving USD 22-billion defence production target by 2025

While addressing FICCI’s 95th Annual Convention and AGM, Defence Minister Rajnath Singh on Saturday emphasised that the government is working and committed to increase the defence production target from current US$ 12 billion to US$ 22 billion by 2025. “You (industry) can imagine, with this kind of growth, how many opportunities will be available for the Indian industry,” he added.

For providing a push to increase the participation of the domestic industry, the government has reserved a portion of defence capital acquisition for domestic procurement, Singh said. “Out of the total defence capital budget outlay, 68 per cent of it is reserved for indigenous procurement by domestic industry and 25 per cent of it is reserved for the private sector. The results of these have now started appearing and more measures will be announced soon,” he asserted.

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“The government is also working to provide market access to the domestic industry to make them Aatmanirbhar,” Singh said, adding that in the last few years there has been a continuous increase in defence exports. “The government has already taken a series of steps including simplifying the FDI norms which has been increased to 74 per cent via automatic route and 100 per cent via government route,” Singh further said.

The Defence Minister also urged the domestic industry and foreign OEMs to invest in the Indian defence sector by focusing on R&D, bringing in newer technologies and capital. He added that India is making defence products not just for the domestic market but also to meet the global requirements. “The world is waiting for the products made in India,” he stated.

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He went on to emphasise that technology is a critical component in strengthening the country’s economy and in the last 8 years, India has realised its potential and continues to march towards a new goal and “the world today is looking at India for support”.