By the end of 2022, India plans to bring down its defence imports. Defence minister Rajnath Singh made this announcement
Bengaluru: By the end of 2022, India plans to bring down its defence imports. Defence minister Rajnath Singh made this announcement. He was speaking at Aero India 2021's Bandhan ceremony. Approximately, it intends to bring it down by $2 billion.
The plan is to give a boost to domestic manufacturing. He added, "We plan to move from a $11 billion defence base to $25 billion by 2025. Of this, we further intend to create an export component of $5 billion."
As many as 138 proposals worth over $37 billion have been approved for domestic manufacturing which will now pay off in the form of lower imports.
It should be noted that, between 2015 and 2020, India's defence exports had grown from Rs 2,000 crore to Rs 9,000 crore. He also emphasised that a vast majority of the defence exports in India are being spearheaded by the private sector.
Reports add that as many as 128 MoUs, finalisation of 19 technology transfers (ToTs), launches of 18 products and 32 major announcements took place in the just-concluded Aero India show.
Prime Minister Narendra Modi announced what’s called Atmanirbhar Bharat campaign last year to give a boost to local manufacturing prowess.
The campaign aims at making the country a self-reliant and self-sufficient country. Urging people to go vocal for local, the Prime Minister further emphasised that India should become a manufacturing hub for the entire world.
True to it, India has been the epicentre of manufacturing coronavaccine. Till date it has exported its vaccine to several countries and promises to export them to more countries.
India to export Light Combat Aircraft:
India hopes to encash on its indigenously built aircraft LCA. The price at which it plans to export is an appealing Rs 309 crore.
Reports add that countries from Middle East and South East Asia have expressed interest in buying them.
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Last Updated Feb 7, 2021, 11:56 AM IST