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Reading: India Targets Rs 3 Lakh Crore in Defence Production and Rs 50,000 Crore in Exports by 2029
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Home » India Targets Rs 3 Lakh Crore in Defence Production and Rs 50,000 Crore in Exports by 2029

Indian Defence News

India Targets Rs 3 Lakh Crore in Defence Production and Rs 50,000 Crore in Exports by 2029

By SSBCrack
Last updated: August 31, 2024
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At a significant event in Thiruvananthapuram, Kerala, Raksha Mantri Shri Rajnath Singh highlighted the substantial progress India is making towards Prime Minister Narendra Modiโ€™s vision of โ€˜Aatmanirbhar Bharatโ€™ (Self-Reliant India). The Defence Minister emphasized that self-reliance across all sectors is crucial for a strong economy, and India is advancing rapidly on this path.

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Shri Singh detailed several pivotal measures undertaken by the Government to fortify Indiaโ€™s defence capabilities and stimulate innovation. Notably, he mentioned the establishment of Defence Industrial Corridors in Uttar Pradesh and Tamil Nadu, and the issuance of five Positive Indigenisation Lists, encompassing over 5,500 items to boost domestic manufacturing. A significant milestone in these efforts is the commencement of manufacturing GE-414 engines in India, marking a significant leap in the countryโ€™s engine production capability.

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During his recent visit to the United States, the Raksha Mantri engaged in productive discussions with US defence companies, who expressed keen interest in joining Indiaโ€™s โ€˜Make In Indiaโ€™ initiative. This collaboration aims to reduce reliance on imports, which has shifted dramatically from 65-70% to 65% of defence equipment now being manufactured domestically.

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The Raksha Mantri also shared impressive figures indicating that annual defence production has surpassed Rs 1.27 lakh crore, with a target set to reach Rs 1.75 lakh crore in the current fiscal year. He expressed confidence that by 2029, defence production would reach Rs three lakh crore, with defence exports anticipated to rise to Rs 50,000 crore from Rs 21,000 crore in the previous financial year.

On the international stage, Shri Singh noted the growing global influence of India, evidenced by Prime Minister Modiโ€™s recent diplomatic engagements in Russia and Ukraine, where he was recognized as a significant global leader. He also highlighted the bestowal of Russiaโ€™s highest civilian honour on Prime Minister Modi, underscoring Indiaโ€™s enhanced stature worldwide.

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Domestically, Shri Singh praised the transformative changes over the past decade, attributing them to both governmental efforts and public participation. These changes range from economic reforms and social transformations to cultural revivals and political shifts, branding the last decade as a period of epochal change with the Prime Minister and the government as pivotal โ€˜Change Makersโ€™.

The Raksha Mantri also touched on the robust growth of Indiaโ€™s economy, which has not only emerged from being one of the โ€˜Fragile Fiveโ€™ to being among the โ€˜Fabulous Fiveโ€™ globally but is also projected to become the third largest economy by 2027. He highlighted the controlled inflation rate and the explosive growth of the startup ecosystem, reinforcing the governmentโ€™s commitment to good governance, punctuated by high capital expenditure and strategic investments in welfare schemes.

Concluding his speech, Shri Singh reaffirmed the governmentโ€™s dedication to enhancing womenโ€™s safety and empowerment, citing legislative reforms and increased participation of women in the Armed Forces as key indicators of this commitment.

Shri Rajnath Singhโ€™s address underscored Indiaโ€™s strides toward becoming a self-reliant nation, poised for unprecedented growth and global leadership in the coming years.

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The Editorial Team at SSBCrack comprises seasoned journalists, professional content writers, and dedicated defence aspirants with deep domain knowledge in military affairs, national security, and geopolitics.
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