India targets $26 bn defense industry by 2025: Rajnath Singh
Bangkok: India was committed to achieving a $26 billion defense industry by 2025, said Defence Minister Rajnath Singh, here on Monday.
Addressing a business seminar ‘India Rising’, organized by the Indian Chamber of Commerce at the Defence & Security Exhibition 2019, he exhorted defense manufacturing companies to join the ‘Make in India’ initiative.
Under the Draft Defence Production Policy 2018, the Indian government eyes $5 billion in 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 defense 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 defense through the five I’s — Identification, Incubation, Innovation, Integration, and Indigenisation.
The Defence Ministry would fund 250 startups, 16 personal initiatives, and five defense 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 defense startups, he said. (IANS)