India has set a target to achieve defence exports worth $5 billion and an overall turnover of $22 billion in production by 2025, defence minister Rajnath Singh said on Thursday.
The Union minister’s statement came as over 300 Memorandums of Understanding (MoU) were signed and several transfer of technology (ToT) agreements and product launches took place with an eye on total investments worth ₹1.5 lakh crore, during the ongoing Defence Expo 2022 in Gujarat’s Gandhinagar on Thursday, according to a statement by the defence ministry.
“The $5 billion export target set for 2025 reflects the intent of the government for export-oriented manufacturing…,” Singh said while speaking at a seminar jointly organised by the US-India Business Council and Society of Indian Defence Manufacturers at Mahatma Mandir here.
“The government is making efforts to take domestic defence production from the current $12 billion to $22 billion by 2025. We may even surpass this target of $22 billion. There is no dearth of opportunities in the defence sector,” he added.
The current era is a “golden period” of the Indian defence sector, Singh said. “Our defence industry is going through an important phase. Our industry has showcased its capabilities by manufacturing fighter aircraft, aircraft carriers, main battle tanks and attack helicopters,” he added.
{{/usCountry}}The current era is a “golden period” of the Indian defence sector, Singh said. “Our defence industry is going through an important phase. Our industry has showcased its capabilities by manufacturing fighter aircraft, aircraft carriers, main battle tanks and attack helicopters,” he added.
{{/usCountry}}A total of 344 MoUs were signed and 46 product launches and 18 ToTs took place during the event on Thursday, according to the government statement. All of them seek to attract investments worth ₹1.5 lakh crore, it added. The Indian Air Force and Hindustan Aeronautics Limited concluded a contract for 70 HTT-40 indigenous trainer aircraft worth ₹6,800 crore, the statement said.
Singh invited US defence companies to set up manufacturing units in India and develop technological collaboration with Indian industries to create a “global supply chain free from vulnerabilities and uncertainties”. “The path to ‘Atmanirbhar Bharat’ or self-reliant India consists of a comprehensive set of policy frameworks that seeks to build indigenous technological and production capacity and capability with cooperation, participation and collaborations with reputed institutions and Original Equipment Manufacturers (OEMs) from friendly nations,” he said.
With PTI inputs