Defence manufacturing sector’s worth Rs 5 lakh cr by 2047: Rajnath
Says private sector will play a vital role
New Delhi, Dec. 18 (Delhi Crown): India’s defence manufacturing sector’s worth will rise to Rs 5 lakh crore in next 25 years from its current level of Rs 85,000 crore, said Defence Minister Rajnath Singh on Saturday at an event organised by leading business chamber FICCI.
“With the current reforms undertaken by the Centre Government, the Indian defence and aerospace sector is likely to reach Rs 5 lakh crore by the year 2047. The Indian private sector plays a huge role in achieving the goal,” said the defence minister at FICCI’s Annual Convention & 94th AGM on the theme “India Beyond 75”.
Highlighting the initiatives taken by the Centre govt. to increase private sector participation and global companies, Singh said, “The Indian defence industry has realised that the opportune time has come for its take-off to higher trajectories. Corporatization of OFB (Ordnance Factory Board) is probably the biggest reform in Defence Production Sector since independence.”
Singh further stated that to promote the Indian domestic companies under “Atmanirbhar Bharat”, the Centre Government was 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.
Assuring the defence industry of full government support, Singh 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.
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.”