Our Bureau
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: Jun 15, 2024 -
: 6:21 am
India has set a target to export over INR500 billion (USD6 billion) worth of defence equipment by 2028-2029.
Soon after assuming charge as the Defence Minister for the second consecutive term on June 13, 2024, Rajnath Singh reviewed a meeting on first 100 days’ action plan where he outlined his vision for the next five years.
“Defence exports had touched a record INR210 billion in financial year 2023-24. It was historic. Our target will be to export over INR500 billion worth of defence equipment by 2028-2029,” Singh said.
The Indian government’s strategic transition from being a net importer to a net exporter has propelled the country’s defence sector to new heights.
The Ministry of Defence marked a historic year in 2023, witnessing a surge in defence exports, reaching an unprecedented INR160 billion in the financial year—almost INR30 billion more than the preceding year. Concurrently, defence production crossed the monumental milestone of INR1 trillion for the first time.
The global demand for India’s defence capabilities experienced a substantial uptick, with a notable interest in products such as LCA-Tejas, light combat helicopters, aircraft carriers, and more.
The main focus would be on carrying forward the priority areas with renewed thrust to establish a more secure, self-reliant and prosperous nation, he said.
According to the defence ministry, India is now exporting to over 85 countries, showcasing the prowess of its defence industry. Approximately 100 firms are actively exporting defence products, with major platforms including Dornier-228, 155 mm Advanced Towed Artillery Guns, Brahmos Missiles, and various other sophisticated defence systems.
“Our aim will be to further strengthen the security apparatus of the country, with focus on achieving self-reliance in defence manufacturing,” the minister said.
Referring to defence preparedness of the Indian armed forces,
Singh said the armed forces are being equipped with state-of-the-art weapons/platforms and they are ready to face every challenge. He commended the military personnel for protecting the unity, integrity and sovereignty of the nation with valour & commitment.
With a view to enhance defence preparedness and continued thrust on self-reliance in defence, Singh said he would be conducting regular review meetings to fast-track the progress of the flagship schemes and the initiatives of Ministry of Defence.
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