 "Rajnath Singh, Defence Minister")
India's defence production has clocked an all-time high of Rs 1.27 trillion in terms of value in 2023-24 and it is now exporting weapons and military hardware to more than 90 friendly countries, Defence Minister Rajnath Singh said on Wednesday.
Indian armed forces are now using weapons and platforms manufactured on Indian soil and the country is rising on the global defence industrial landscape, the minister said in a post on 'X' on the 10th anniversary of the NDA government's 'Make in India' programme.
The government under Prime Minister Narendra Modi's "astute leadership" introduced the 'Make in India' programme with a vision to make the country self-reliant in every domain, Singh said.
"Ten years since then, many reforms have been made in every sector including the defence sector. India is rising on the defence industrial landscape of the world," he said.
"Today, Indian Armed Forces are using weapons and platforms, which are manufactured on our own soil and we are also exporting defence items to more than 90 friendly foreign countries," the minister added.
In the last few years, the government has taken a series of measures to promote the domestic defence industry.
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The focus has been to boost domestic defence manufacturing and bolster military preparedness especially in areas along the border with China.
India's defence exports crossed the Rs 21,000 crore mark for the first time in 2023-24 and the defence ministry has set a target of increasing it to Rs 50,000 crore in the next five years.
India is one of the largest importers of arms globally.
According to estimates, Indian armed forces are projected to spend around $130 billion in capital procurement by 2029.
The government wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing.
The defence ministry has set a goal of a turnover of $25 billion (Rs 1.75 trillion) in defence manufacturing in the next five years.
In May 2020, the government announced increasing the FDI limit in the defence sector from 49 per cent to 74 per cent under the automatic route.
The government allows 100 per cent FDI for specific cases.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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 "Rajnath Singh, Defence Minister")
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