Speaking at an event, Singh said the defence ministry has set a target of Rs 1.75 lakh crore of defence production by 2025, which includes export of Rs 35,000 crore.
Singh was addressing the Chairman and Managing Directors (CMDs) and Non-Official Directors (NODs) of Defence Public Sector Undertakings (DPSUs) during first-of-its kind workshop organised by Department of Defence Production in New Delhi on 13 July 2022.
He exuded confidence that the defence public sector undertakings (PSUs) will play a major role in achieving this goal with a contribution of 70-80%, urging chairman and managing directors and non-official directors to work hand in hand to ensure that their companies find a place among world's best in different fields.
Singh listed various initiatives taken by the defence ministry to achieve self-reliance, including simplification of acquisition process of defence equipment and platforms under Defence Acquisition Procedure 2020 and an increase in FDI limit to 74% under automatic route and up to 100% under government route.
Singh called for formulating a roadmap that can place 20 Indian defence manufacturing companies among the world's top 100 defence enterprises by 2047.
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