New Delhi: Defence Minister Rajnath Singh has called for increased and active participation of the private sector in India's defence manufacturing sector to achieve the government's target of making the defence industry worth $26 billion by 2025. Singh was speaking at the 22nd India International Security Expo, 2019 (Defence & Homeland Security) on Friday.
The minister reaffirmed the government's aim of inclusive growth and making India a $5-trillion economy by 2025, adding that the defence sector will play a pivotal role in achieving this goal. "Our aim is to make a world-class domestic defence industry that is self-reliant and less dependent on imports," he added.
The minister stressed that in its present set up of 'Minimum Government and Maximum Governance,' the government plays the role of a facilitator and the duty of the industry is to work in tandem to realise the vision of 'New and Strong India.' He hoped that the industry partners will come up with concrete investment and technological intervention proposals related to defence and avail the business opportunities present in the sector.
He also acknowledged that there is a need to make the system investor-friendly and create a conducive atmosphere for the growth of defence production with increased participation of the private sector.
Singh assured the defence industry that the government is open to new ideas and remains committed to harnessing the entrepreneurship spirit and energies of the private sector. "As a friend, philosopher and guide, the government is ready to hold frank discussions, even on issues and problems," he said. Raksha Mantri expressed confidence that the Indian Defence Industry will touch newer heights and make India a major defence manufacturing hub. He invited domestic as well as foreign defence manufacturers to participate in DefExpo 2020 to held in Lucknow from February 5-8.