India is capable of meeting own and global defence needs: Rajnath Singh

Singh said the reforms undertaken by the NDA government in recent years to increase private sector participation in the defence manufacturing sector created an “enabling environment” for Indian firms

Defence minister Rajnath Singh on Tuesday asked the Indian defence industry to manufacture modern and cost-effective products to realise the government’s vision of a ‘New India’ that can not only meets its own needs, but also fulfill the requirements of other countries.

Defence minister Rajnath Singh addresses the 5th annual session of the Society of Indian Defence Manufacturers in New Delhi on Tuesday. (PTI Photo)

The constantly evolving global scenario had led to an increased demand for military equipment across the world, with countries focusing on bolstering their security apparatus to meet new challenges, he said while addressing the 5th annual session of the Society of Indian Defence Manufacturers.

“According to arecent report by the Stockholm International Peace Research Institute (SIPRI), in 2021, the world military spending crossed $2 trillion for the first time. Our armed forces will also spend a substantial amount on capital procurement in the years to come. This shows that the security needs of the world are set to increase. India is capable of meeting those needs, both in terms of quality and cost-effectiveness,” Singh said.

The Union minister said the reforms undertaken by the NDA government in recent years to increase private sector participation in the defence manufacturing sector created an “enabling environment” for Indian firms.

He also touched upon the steps taken to boost self-reliance (atmanirbharta) in the defence sector, including the publishing of three lists of 310 weapons and systems that cannot be imported, creating a separate budget for buying locally made military hardware and setting aside defence R&D budget for private industry, startups and academia to encourage them to pursue design and development of military platforms.

“Seven to eight years ago, our defence exports were not even ₹1,000 crore. They have now crossed ₹13,000 crore. We have set a target of ₹1.75 lakh crore of defence production by 2025, which includes export of ₹35,000 crore,” he said.

The government is fully aware of the importance of a foolproof security apparatus, and constantly working towards strengthening national security, he said. “Only a secure and strong nation can achieve the heights of success. No matter how rich or knowledgeable a nation is, its prosperity is threatened if national security is not ensured. We are focusing on national security and economic prosperity to make India one of the strongest countries in the world.”

On the recent surge in defence stocks, Singh said the increased market valuation of the companies was a reflection of the trust of big investors.