The world is waiting for products from India, says Rajnath Singh
Defence Minister Rajnath Singh has urged the domestic industry and foreign OEMs to invest in the Indian defence sector by focusing on R&D, bringing in newer technologies and capital as his government works on building a defence production industry of US$22 billion by 2025, up from current US$12 billion.
India is making defence products not just for the domestic market but also to meet the global requirements. “The world is waiting for the products made in India,” he told delegates at FICCI’s 95th Annual Convention & AGM on 17 Dec 2022.
The Minister also emphasized that technology is a critical component in strengthening the country’s economy.
“In order to increase the participation of our domestic industry, the Government has reserved a certain portion of defense capital acquisition for domestic procurement.
“Out of the total defence capital budget outlay, 68% of it is reserved for indigenous procurement by domestic industry and 25% of it is reserved for the private sector.
“The results of these have now started appearing and more measures will be announced soon,” he informed.
In the last 8 years, India has realized its potential and continues to march towards a new goal. The world today is looking at India for support, he reiterated.
“You (industry) can imagine, with this kind of growth, how many opportunities will be available for the Indian industry,” he underlined.
The Government, he said, is also working to provide market access to the domestic industry to make them Aatmanirbhar.
Newly elected FICCI President Subhrakant Panda noted the Government’s focus on ‘Make In India’ and ‘Make for the World’ as an impressive strategic move, shedding its status of being one the largest importers of defence equipment to a net exporter. fiinews.com
