Defence Minister Rajnath Singh on Thursday said the defence exports have gone up manifold to ₹14,000 crore this financial year from ₹900 crore eight years ago, which shows the growing self-reliance in this sector. The target is to export defence equipment worth ₹40,000 crore by 2026, the minister said at a function organised by a private television channel.

India, stated the Minister, was rising as one of the strongest countries under PM Modi’s leadership and the secure borders, holistic development and transformed global image are a reflection of that. He also said the domestic defence production has witnessed a significant increase in the last few years. “We are not only catering to our own needs, but are also exporting weapons and equipment to other countries. From ₹900 crore 7-8 years ago, defence exports have skyrocketed and are nearing ₹14,000 crore in the current financial year. Our target is export defence equipment worth ₹40,000 crore by 2026,” Singh said.

Also read: L&T’s Patil says substantial defence business opportunities ahead

Top priority

Singh reiterated that national security was the government’s top priority and ‘Aatmanirbharta’ or self-reliance as the only medium to achieve it. Notification of positive indigenisation lists; earmarking a record 75 per cent of defence capital procurement budget for domestic industry in the financial year 2023-24 and efforts to provide local companies access to international market, are some of the steps his ministry has taken towards this end, Singh said.

The Minister stated that over 100 unicorns have come up due to start-up-based innovation ecosystem created in the country.

Related Topics
comment COMMENT NOW