Advertisement

Investment Of Rs 498 Cr To Benefit 300 Defence Startups, Says Rajnath Singh

“We could export defence equipment to other countries under the ‘Make in India’ scheme, and to enable this, the government is focusing on innovative solutions.”

Photo Credit : @rajnathsingh/twitter,

Defence Minister Rajnath Singh (File Picture)

After the boost in Indian defence manufacturing industries, we can stop importing defence equipment from other countries, Defence Minister Rajnath Singh said at the 117th Annual Session of the PHD Chamber of Commerce and Industry (PHDCCI). 

Singh was speaking on the success story of indigenisation of the defence sector in India. He further said we could even export defence equipment to other countries under the "Make in India" scheme and to enable this, the government is focusing on innovative solutions to empower the country's defence sector.

He said innovation in the defence sector, worth Rs 498 crore aims to benefit 300 new startups for innovative design and development and the policy of indigenous manufacturing of defence equipment would give a fillip to the Indian economy. Additionally, the government has also raised the limit of FDI in this sector.

He said innovation in the defence sector, worth Rs 498 crore aims to benefit 300 new startups for innovative design and development and the policy of indigenous manufacturing of defence equipment would give a fillip to the Indian economy. Additionally, the government has also raised the limit of FDI in this sector.

Presently, Rs 85,000 crore has been allotted for research and development in the private sector involving defence manufacturing and the initiation of two defence corridors in the country would put India in a win-win situation. "And now India is featuring among the top 25 defence export countries, which is a proud achievement for us,” he added.

On the role of PHDCCI, he said, it has been a catalyst in making this ideal of self-reliance in the field of manufacturing defence goods in India a reality. It also contributed majorly to the realisation of the prime minister’s ambitious goal of Atmanirbhar Bharat.

At the event,  Lt. Gen. Baggavalli Somasekhar Raju, UYSM, AVSM, YSM, Vice Chief of  Army Staff and Adrian Haack, Director of India office, Konrad Adenauer Stiftung were present.


Tags assigned to this article:
rajnath singh phdcci defence industry

Advertisement

Around The World