“The Indian defence industry has achieved record production & exports testament to the massive growth of the defence sector,” said Rajnath Singh in his address today.
He stated that no stone is being left unturned to create a strong, young & tech-savvy Armed Forces on the back of a robust defence industry which indigenously manufactures state-of-the-art weapons and equipment, while efforts are also being made to get rid of the colonial mindset.
He began his address by stating that until the 17th century, India had a remarkably strong economy, constituting over a quarter of the world’s GDP, but it lost its glory due to a weak military and political slavery.
Citing a report by Morgan Stanley, the defence minister said that after naming India among the ‘Fragile 5’ economies in 2013, the investment firm recently stated that the country will be the third-largest economy by 2027.
He termed it as a testament to the growth of the Indian economy in recent years. He was of the view that the phrase ‘emerging power’ can be used for India in the immediate perspective, but for the long term, he views it as a resurgent power, which is regaining its place on the world economic map.
On the transformative changes brought about in the defence sector in the last few years, the defence minister stated that a number of steps have been taken to achieve complete ‘Aatmanirbharta’ in the manufacturing of weapons and technologies.
The major decisions include notification of four positive indigenisation lists of 411 items on behalf of the Armed Forces & four other lists of 4,666 items for DPSUs, besides setting up of Defence Industrial Corridors in Uttar Pradesh & Tamil Nadu.
“A record over Rs one lakh crore defence production and all-time high defence exports of almost Rs 16,000 crore in the Financial Year 2022-23 are proof of the massive growth of the defence sector,” he said.