Defence Minister Manohar Parrikar today said he expects another ₹50,000-60,000 crore worth of defence contracts to be signed during the remaining quarters of the financial year, taking the total orders to ₹3 trillion since he took charge two years ago.

“During the past 23 months that I have been in charge, we have signed contracts worth₹2.2 trillion. Recently, we signed a letter of intent with a government-run shipyard for about ₹32,000 crore, taking the total orders to₹2.5 trillion.”

“Over the next six months, I hope to sign another ₹50,000-60,000 crore worth of contracts, taking the total ₹3 trillion,” the Minister told reporters on the sidelines of an industry exhibition on technology and material sciences in Navi Mumbai near here.

The Cabinet Committee on Security had in August cleared a proposal to get Goa Shipyard build mine counter measure vessels for the Navy at an estimated cost of over ₹32,000 crore.

Answering a question on the impact of the manufacturing push with private participation in the defence space, he said exports have jumped over six times to ₹3,000 crore from ₹500 crore in the past two years alone.

“The Make in India initiative has seen defence exports from ₹500 crore to ₹3,000 crore, though the Ministry figures will show only ₹2,100 crore. One reason for this is that export of aviation sector items are not included in this as it has been delicensed.”

Parrikar explained that the Defence Ministry tabulates only those goods that are in the licensed segments. As many 65 per cent of defence sub-segments are de-licensed now and are, therefore, not in the information list of the Defence Ministry.

“If we include the gains from the offset clause, our defence-related exports should be about $1 billion, out of which defence items alone are worth₹3,000 crore, which I hope to increase it to ₹10,000 crore soon,” he said.

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