"During the past 23 months that I have been in charge, we have signed contracts worth Rs 2.2 trillion. Recently, we signed a letter of intent with a government-run shipyard for about Rs 32,000 crore, taking the total orders to Rs 2.5 trillion."
"Over the next six months, I hope to sign another Rs 50,000-60,000 crore worth of contracts, taking the total 3 trillion," the minister told reporters on the sidelines of an industry exhibition on technology and material sciences in Navi Mumbai near here.
Answering a question on the impact of the manufacturing push with private participation in the defence space, he said exports have jumped over six-times to Rs 3,000 crore from Rs 500 crore in the past two years alone.
"The Make in India initiative has seen defence exports from Rs 500 crore to Rs 3,000 crore, though the ministry figures will show only Rs 2,100 crore. One reason for this is that export of aviation sector items are not included in this as it has been delicensed."
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"If we include the gains from the offset clause, our defence-related exports should be about USD 1 billion, out of which defence items alone are worth Rs 3,000 crore, which I hope to increase it to Rs 10,000 crore soon," he said.
When asked about the inflows through the FDI route after foreign director investment cap was hiked to 49 per cent, he said so far it has been about USD 100 million but will go up as foreign capital flows in at stages.
"We have set up a study team to draft a new strategic materials policy to promote the sector, which involves production and storage of these materials," he said.
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