New Delhi: Defence Minister Rajnath Singh invited investments from the domestic industry and Foreign Original Equipment Manufacturers (OEMs) in the Indian defence sector. He urged all the participants to take advantage of the opportunity to integrate global supply chains, during the 'Invest for Defence' investor outreach event organised as a part of the 12th DefExpo in Gandhinagar, Gujarat on October 20.
Singh said that the trust of the industry stakeholders is encouraging. It reflects their faith in the Indian defence sector. Sharing the government's future plans for the defence sector, he asserted that the target is to increase defence production in India from USD 12 billion to USD 22 billion by 2025.
Singh questioned the earlier view that there is a dichotomy between economic development and security, saying that they are complementary. He said that this approach has changed in the past few years and now these two concepts are integrated, and they strengthen each other. He added that economic and strategic capabilities are essential for the development of science and technology, health, agriculture, trade and commerce.
Singh said that the domestic industry has demonstrated its capabilities by building Fighter Aircraft, Aircraft Carrier, Main Battle Tanks and Attack Helicopters and gained experience to build an ecosystem through these projects. He termed DefExpo 2022 as an excellent platform for existing and prospective investors to become a part of the phenomenal growth of the Indian defence industry.
In the field of technology, the government has improved the lab-to-industry linkage for organisations such as CSIR and DRDO and introduced initiatives such as Innovations for Defence Excellence (iDEX) and Technology Development Fund to provide financial support for upgradation and innovation in products, systems, processes for the Armed Forces, said a statement.
Singh added that the government has dedicated one-fourth of the Defence R&D budget to encourage private players in the sector. He stated that providing markets to the industry is part of the government's commitment to build an 'Aatmanirbhar Bharat'.
'Invest for Defence', the first-ever marquee event of the Ministry of Defence, was targeted to promote investment in the defence sector by the Indian industry as well as Foreign OEMs. It highlighted the requirements of the Armed Forces and policy reforms undertaken by the government for ease of doing business. Thus, it helped in contributing to maximising the indigenous production, said the statement.
Officials from the Ministry of Defence, Central and state governments also attended the event.
(With PTI inputs)
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