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India targets $26 bn defence industry by 2025: Rajnath
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SME Times News Bureau | 18 Nov, 2019
India was committed to achieve $26 billion defence industry by 2025, said Defence Minister Rajnath Singh, here on Monday.
Addressing
a business seminar 'India Rising', organised by the Indian Chamber of
Commerce at the Defence & Security Exhibition 2019, he exhorted
defence manufacturing companies to join the 'Make in India' initiative.
Under
the Draft Defence Production Policy 2018, the Indian government eyes $5
billion defence exports by 2025. "On the one hand this target is
ambitious, but at the same time it's encouraging that India's defence
exports have grown almost six-fold in the last two years," he said.
$10
billion investment in aerospace and defence goods and services was
expected by 2025, which could provide employment to two-three million
people, he said.
Singh stressed the government's resolve to
promote self-reliance in defence through the five I's -- Identification,
Incubation, Innovation, Integration and Indigenisation.
The
Defence Ministry would fund 250 startups, 16 personal initiatives and
five defence innovation hubs through the Defence Innovation Organisation
in five years.
Over 50 technological designs would be made to
meet the armed forces' requirements, while a Defence Innovation Fund was
being planned to support the government participation through equity
investment in defence startups, he said.
"A new transfer of
technology (ToT) policy is being developed to simplify the way of
transferring technology by DRDO to the industry. More than 900 ToT
licensing agreements have been signed with industries. It's a major step
towards making the defence manufacturing sector self-sufficient," Singh
said.
The Minister also listed out his ministry's initiatives to
increase exports, including simplification of procedures, industry
licensing process, increase in foreign direct investment (FDI) cap,
streamlining of defence offset policy and making government trial and
testing facilities available to the private sector.
"The
government plans to establish two defence corridors in Tamil Nadu and
UP. A Defence Innovation Hub is functioning in Coimbatore. A Defence
Planning Committee has been formed. In this regard, the UP government
plans to build a defence manufacturing corridor along with the proposed
Bundelkhand Expressway, which will help in making India self-reliant in
defence production," the Defence Minister said.
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