Defence exports set to triple over the next few years: Army Chief

By: |
Published: October 18, 2019 8:49:53 PM

While elaborating on the Make in India initiative Rawat said that the defence corridors are being set up by the government and there are initiatives offered including ease of land clearances, tax concessions and other issues to encourage companies to set up their manufacturing bases.

In his address, the Army Chief said that the Indian industry is manufacturing weapons and equipment for only the Indian Armed Forces but are now gradually looking into opportunities to export.

With the domestic defence industry becoming more export oriented, the defence exports are expected to grow from the current Rs 11,000 crore annually to Rs 35,000 crore by 2024, says a top army officer.

Indian Army Chief Gen Bipin Rawat said that the government is trying to not only lower bureaucratic barriers but is also trying to simply procedures in an effort to help and encourage the domestic defence industry. He was speaking in New Delhi at the 4th Defence Attaches conclave jointly organised by the Ministry of Defence and news portal Bharat Shakti, attended by the Naval Chief Admiral Karambir Singh and other top officers and diplomats.

In his address, the Army Chief said that the Indian industry is manufacturing weapons and equipment for only the Indian Armed Forces but are now gradually looking into opportunities to export. “Our defence exports which range in the figure of Rs 11,000 crore annually, is expected to achieve the figure of Rs 35,000 crore approximately by the year 2024.”

While elaborating on the Make in India initiative Rawat said that the defence corridors are being set up by the government and there are initiatives offered including ease of land clearances, tax concessions and other issues to encourage companies to set up their manufacturing bases.

The army chief also stated that the Army Design Bureau will help in facilitating all stakeholders to energise defence production.

Inviting companies to participate in the DefExpo next year, the chief said that several new technologies would be on display and adding that many of the equipment on display will be certified.

The defence attaches posted in the Indian missions globally have been asked to promote and advertise with the host countries about the equipment which is indigenous and is available to be exported.

The Indian Navy Chief Admiral Karambir Singh in his address talked about the cooperation with foreign navies including the capacity building, training, exchanges and joint exercises. According to him India will be hosting a large multilateral exercise MILAN 2020 at Visakhapatnam where almost 41 countries have been invited.

So far almost 25 countries have confirmed their participation in the week-long exercise.

According to the Defence Research and Development Organisation (DRDO) Chairman G Satheesh Reddy, over 1700 the patents that have been developed by the organisation are available for the use by the Indian industry. He also said that the MoD has recently launched a policy under which all technologies of DRDO would be available for the Indian industry and will be free of cost.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Indian Army chief Bipin Rawat says will continue to partner with friends to confront any emerging threats
2The Vanilla Shake! India continues its African engagement to strengthen ties
3Exercise Eastern Bridge-V: MiG-29 to participate in Indian-Oman joint air drill