India's defence exports crossed Rs 38,000 crore in last 7 years: Defence Minister Rajnath Singh
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Defence Minister Rajnath Singh has said that defence exports from India during the last seven years have been of more than Rs 38,000 crore due to the government's initiatives. He said ‘we have an estimated Rs 85,000 crore industry of aerospace and defence and contribution of the private sector in this has increased to Rs 18,000 crore. He also urged the MSMEs to invest more in research and development as it would help strengthen the nation's security.
Reiterating the government's focus on encouraging exports, the minister expressed hopes that India will soon become a net exporter from a net importer. The government aims to achieve the export target of Rs 35,000 crore by 2024-25. Presently, India is exporting defence equipment to around 70 countries. He stated that the Indian armed forces have completely supported the self-reliance initiative of the government.
Therefore, Singh said the number of contracts given to indigenous defence industry has increased. He also accepted that the big companies have a major role to play in defence manufacturing but the reality is that the work of numerous small companies is hidden behind that of big companies.
