Indian Defence and Aerospace sector to become 5 lakh crore by 2047: Rajnath Singh
December 18, 2021
- Govt working to increase current 209 items to 1,000 under the Positive Indigenization List
- Govt committed to increasing budget outlay for Defence Procurement from Indian industry
NEW DELHI, 18 December 2021: Mr Rajnath Singh, Union Defence Minister, Govt of India today emphasized that with the current reforms undertaken by the government, the Indian defence and aerospace sector is likely to reach Rs 5 lakh crore by the year 2047 from current 85,000 crore. He added that the Indian private sector plays a huge role in achieving the goal.
Addressing the FICCI's Annual Convention & 94th AGM on the theme 'India Beyond 75', Mr Singh said that to promote the Indian domestic companies under Atmanirbhar Bharat, the government is working to expand the Positive Indigenization List of 208 items to 1,000 items. "In this decade, we will bring increase the items under the Positive list for Indigenization from current 209 to over 1000. The government now looks at private industry as their partners and in fulfilling the objective of attaining Atmanirbhar Raksha Utpadan," he stressed.
Mr Singh also assured the industry of full government support and said that the role of the government is of a facilitator. "Government is committed to increasing the budget outlay for Defence Procurement from Indian industry," he noted.
Mr Singh further stressed that going forward India will focus on manufacturing defence equipment and platforms within India. Inviting global companies to invest in the India defence and aerospace he said, "Come Make in India, come make for India, come make for the world."
Highlighting the initiatives taken by the government to increase private sector participation and global companies, Mr Singh said, "The Indian defence industry has realised that the opportune time has come for its take off to higher trajectories. Corporatization of OFB is probably the biggest reform in Defence Production Sector since independence, he added.
Mr Uday Shankar, President, FICCI said that Indian defence export has increased by 325% in the last five years, making India one of the major global suppliers of defence equipment. "India is now not just importing from, but working with its major Defence partners including Israel, Russia, South Korea, USA etc, in the co-development and co-production projects in cutting edge technologies," he added.
Mr
Sanjiv Mehta, President-Elect, FICCI
said that the provision of Make category of capital acquisition in Defence
Acquisition Procedure (DAP) is a vital pillar for realising the vision behind
the 'Make in India' initiative of the Government. "It enables fostering
indigenous capabilities through design & development by both public and
private sector in a faster time frame," he added.
FICCI Media Division
Other Press Releases:
- India is well positioned with huge potential & going in the right direction: Stephen Pagliuca, Co-Chairman, Bain Capital
- National Tourism Policy will focus on skilling, digitalization, sustainable and green tourism: Arvind Singh, Tourism Secretary, GoI
- Risks to recovery remain on fore with the spread of the new variant: Dr Ayhan Kose, Chief Economist and Director of the Prospects Group, Equitable Growth, Finance and Institutions, World Bank
- Need to create a focused export promotion body in the government: BVR Subrahmanyam, Commerce Secretary
- COVID has taught that digitization in business is not a luxury, it is a necessity: BB Swain, MSME Secretary
- Single National Portal for Registration for EPR under PWM Rules, 2016: Secretary, MoEFCC, GoI
- Government is pushing for wider reforms for Ease of Living for all citizens: Anurag Jain, Secretary DPIIT
- Mr Sanjiv Mehta takes over as FICCI President
- India likely to become the fastest growing economy in the next FY: Amit Shah
- Minister of Commerce & Industry lauds FICCI's efforts in making India Pavilion at Expo 2020 Dubai a grand success; hopes to replicate the India Pavilion as a permanent feature at Pragati Maidan in New Delhi
- Educate yourselves; be open-minded, entrepreneurship mantra for women: Falguni Nayar, Founder and CEO, Nykaa
- Funding is not going to be a constraint - Global FIIs are already ready with funding proposals: KV Kamath, Chairman, (NaBFID)
- Synergized co-operation is an essential investment for a prosperous future in the region: H.E. Mr Shinzo Abe, Former Prime Minister of Japan
- Women's Parliamentarians united across party lines to support Greater 50 initiative of FICCI
- Government's focus on manufacturing sector strategically important to generate employment: Dr S Jaishankar, Minister of External Affairs
- Current Global Leadership Crisis an Opportunity for India to Emerge as a Global Leader: Dr Ian Bremmer
- Reputational benefit from generosity brings happiness: Chris Anderson, Founder-TED