To boost defence exports, govt is going to launch a new scheme in a month. What is it?

New Delhi: The government is planning on launching a new 'Open General Export Licence' scheme to boost Indian defence exports within a month, a top government official said on Monday. Sanjay Jaju, Joint Secretary (DIP), Department of Defence Production, Ministry of Defence, said through the new licence, the industry will be able to access the international market and make products more competitive.
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'Scheme will also cut down time taken for seeking nod from govt'

Speaking at the 'Workshop for Defence Export Promotion' organised by FICCI, Jaju said that the production will also become better, both qualitatively and will also provide value for money for Indian customer. "We are working on launching the Open General Export License where the entire process of taking permission from the government will also be further reduced."

'Indian exporters need to diversify'

Jaju stated that Indian exporters need to diversify the product line to be internationally competitive. "It is important for us to now look at platforms and while looking at these platforms, it is important that we are competitive and able to provide good value for money to the buyer."

'Indian manufacturing economy likely to reach $1 trillion in 5 yrs'

Further highlighting the potential of defence exports, Jaju stated that Indian manufacturing economy is likely to reach $1 trillion in the next five years, of which he expects $25 billion would come from the defence sector and further $5 billion to be generated by exports.