The defence ministry has targeted a growth of 20 to 25 percent in the defence manufacture sector, Defence Minister Manohar Parrikar said on Saturday, adding that indigenous production would also boost employment creation.
"In defence manufacturing, we have targeted to achieve at least 20 percent to 25 percent of growth from the predicted general economic growth of 7-8 percent. We hope to achieve this in coming years through indigenisation and the 'Make In India' initiative and various other new initiatives to be started by the government," Parrikar said at Goa Biz Fest organised by the state chapter of the Business Network International (BNI).
"Attempt is to shift to local production which would result into lot of employment creation," he said.
Quoting statistics, Parrikar also said that the manufacturing sector was a good source of employment.
"The government wants employment in manufacturing sector. It is said that investment of Rs.1 crore generates employment for eight persons but in manufacturing sector it is 20-25 while in tourism it is around 80.
"So there are various sectors wherein employment is generated more with the same amount of investment as compared to others," he aid, adding that the given the total spending available with the defence ministry, excluding wages and perks, was around Rs. 1.5 lakh crore, which meant a huge potential for employment generation.
