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Focus should be on providing defence equipment to smaller nations: PM Modi
The Prime Minister, while addressing the webinar on effective implementation of budget provisions in the defence sector, outlined that India is manufacturing defence equipment to more than 40 nations.
Prime Minister Narendra Modi on Monday outlined that the country now has to step out from an import-dependent status and fast track its defence manufacturing capabilities as third-world nations with relatively small economies will look forward to India for their defence needs.
“The changes in the world order that we are observing have made smaller nations aware of the need to strengthen their defence. Defence is one of the primary concerns for these countries. It is natural for these nations to look forward to India to help these nations strengthen their defence capabilities,” the Prime Minister said.
PM Modi further added, “We have the ability of low-cost manufacturing and we also are able to deliver quality products. We are playing an important role through our rising defence manufacturing sector and there are opportunities to further help these nations with our defence equipment manufacturing abilities.”
The Prime Minister, while addressing the webinar on effective implementation of budget provisions in the defence sector, outlined that India is manufacturing defence equipment to more than 40 nations. He said that the focus should be on making India one of the largest defence exporters.
He highlighted that startups and medium and small enterprises (MSMEs) are working hard to provide the requisite tools needed to achieve these targets. “MSMEs are the spine for larger industries. Reforms introduced by the governments are empowering the MSME sector and are now encouraged to expand their operations,” he said.
PM Modi said that MSMEs add firepower to all the industries. He further added that the defence corridors that are being built across the country are empowering local manufacturers.
Earlier in the day, defence minister Rajnath Singh said that India is focusing on bringing a turnover of ₹175,000 crore through defence export. “The ministry of defence aims to achieve a turnover of ₹175,000 crore ($25 billion) including export of ₹35,000 Crores ($5 billion) in aerospace, defence goods and services by 2024,” Singh was quoted as saying by news agency ANI.
Singh also said that steps are being taken to reduce the time for defence acquisition. He said, “The ministry is also working on reducing the delays in timelines of capital acquisition. We are making efforts to complete defence acquisition within two years, instead of the current practice of three to four years being taken on the average.”
India’s defence sector received a hike of 1.4% along with a 19% rise in capital outlay for military modernisation in the Union Budget tabled earlier this month. Allocation for defence services was increased to ₹4.78 lakh crore compared to ₹4.71 lakh crore in the 2020-21 budget, according to a report by news agency PTI.
