Rajnath Singh, the minister of defence, stated on Saturday that the government is dedicated to raising the defence output goal from its present $12 billion level to $22 billion by 2025.
When speaking at FICCI's 95th Annual Convention & AGM in this city, the Defence Minister said, "You (industry) can imagine, with this type of growth, how many chances will be open for the Indian industry."
He added that the government has set aside a specific amount of defence capital acquisition for domestic procurement in order to promote the participation of domestic business.
The administration has already taken a number of measures, he said, including easing the requirements for foreign direct investment, which have been raised to 74% via automated route and 100% via government route.
The Indian defence industry should focus on R&D, bring in innovative technology, and receive investment, the defence minister advised both domestic and foreign original equipment manufacturers.
He continued by saying that India produces defence goods not just for the home market but also to satisfy demands from around the world. He declared that "the world is waiting for the items created in India."
In the past nine years, India has transformed from one of the world's "fragile 5" economies to one of the "fantastic 5," according to the Defence Minister, who also noted that the country has one of the fastest expanding economies.
FICCI President Sanjiv Mehta thanked the government for implementing changes in the defence acquisition process and facilitating ease of doing business through the revision of the DPP 2016 as DAP 2020 and pledged industry's unwavering support for achieving the objective of "Aatmanirbhar Raksha Utpadhan."
The government's emphasis on "Make In India" and "Make for the World" is a remarkable strategic move towards shedding its historical stature, according to Subhrakant Panda, President-Elect, FICCI.
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Edited by: Satyavrat Singh