Rajnath Singh says India is working to produce $22 billion worth of defence products by 2025
In his remarks at the 'Invest in Defense' event, which was held in conjunction with the ongoing Defense Expo 2022 in Gandhinagar, the capital of Gujarat, Singh also urged investors to approach him or defence ministry officials without holding back to discuss problems.
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Rajnath Singh, the minister of defence, stated on Thursday that the federal government is working to increase defence production's revenue to USD 22 billion by 2025.
In his remarks at the 'Invest in Defense' event, which was held in conjunction with the ongoing Defense Expo 2022 in Gandhinagar, the capital of Gujarat, Singh also urged investors to approach him or defence ministry officials without holding back to discuss problems.
He urged private investors to step up and participate in India's defence sector, claiming that it is at a crucial crossroads.
Even start-ups and MSMEs (micro small and medium companies) are now connected to the defence industry, not simply big corporations. According to him, this is the sector's "golden age."
The minister remarked that "the Indian defence industry is the dawn sector of the future." "By 2025, the government hopes to increase domestic defence manufacturing from its present level of USD 12 billion to USD 22 billion. We might even reach this USD 22 billion goal. The opportunities in the defence industry are plentiful. India is making progress in meeting the global demand in this area "added he.
According to Singh, the Center has initiated numerous reforms and taken several actions to increase domestic defence manufacturing. "Doors to the Defense Ministry used to be closed to outside parties. Previously, the ministry's executives and ministers of defence would shun meetings with investors out of fear that they would be singled out for criticism. However, we don't worry about that. We always have open doors for you, "said he.
He told the audience that a nation's defence and economic might are complementary, and that a country will advance more if it has a strong defence against external threats. Even after so many years of independence, according to Singh, "India could not attain emancipation from the assumption that if we focus more on enhancing our defence capabilities, we will have to make compromises on the socio-economic front."
"Defense and development were long held to be diametrically opposed concepts. Therefore, if we prioritise socioeconomic development, we will have to reduce our ability to defend ourselves. But now since the nation has rejected that idea over the past five years, I'm delighted to see it "added he.
