Defence Minister Rajnath Singh said the government is committed to making India’s defence industry export-oriented. While he lauded the major contribution of the private sector in taking the defence exports to a record high of over Rs 21,000 crore in Financial Year (FY) 2023-24, he called upon the industry to keep in mind the export and import figures and strive to reduce the ratio between the two with a target-oriented approach. While reaffirming the government’s commitment to empower India’s defence industry by working with them and realising Prime Minister Modi’s vision of making the country a global manufacturing hub.
Addressing the seventh annual session of the Society of Indian Defence Manufacturers (SIDM) on 4th October in New Delhi, Singh described the ongoing Russia-Ukraine conflict as a reminder to build a strong defence industrial base, which can be bolstered and expanded with time. He expressed happiness that the annual defence production touched a record high of Rs 1.27 lakh crore in FY 2023-24. While the share of DPSUs was Rs one lakh crore, private companies contributed about Rs 27,000 crore. He stated that there is a huge scope for increasing the share of private industries, and the next target should be to bring their participation to at least half of the total defence production. He assured the government’s full support in achieving this goal.
Highlighting the Government’s focus on encouraging foreign companies and Original Equipment Manufacturers (OEMs) to invest in India or open joint ventures with the private industry, Singh called upon SIDM to prepare a roadmap for collaboration on a firm-to-firm basis. He was of the view that the Indian industry has the potential of bringing niche technologies or processes to India.
He emphasized the importance of the industry investing more in cutting-edge technologies, such as artificial intelligence (AI), cyber defence, and autonomous systems. “India’s defence industry must keep pace with global trends and focus on high-end technology. There is a need to increase investments in areas like AI and autonomous systems, which will define the future of warfare. The government is ready to provide all necessary support,” he said.
Team BharatShakti
