In NEW DELHI: Rajnath Singh, India’s defence minister, stated on Tuesday that the country has set a target of Rs 1.75 lakh crore in turnover in the defence manufacturing sector by 2025, stressing that increasing domestic production of military hardware is a key emphasis of the administration.
In a speech at an event, he said that as part of measures to boost domestic defence businesses, the government has allocated over Rs 85,000 crore in this year’s defence budget for the purchase of military equipment from domestic firms.
According to Singh, the defence ministry has already released three lists with a total of 309 products for the military that will not be imported in a staggered manner.
Additionally, he emphasised the strategic partnership model for defence manufacturing, which aims to promote domestic production of fighter planes, military helicopters, tanks, and submarines.
He added at the Society of Indian Defence Manufacturers’ annual general meeting, “We just have to keep walking, keep going without getting tired”.
The Indian defence minister said that the country’s total inflow of foreign direct investment in the most recent fiscal year was USD 83.57 billion, which he described as “a record.”
“The whole world is keen to invest in India as the country has emerged as an attractive investment destination,” he said.
“It shows that now is the time to move ahead at a much faster pace,” Singh added.