Defence Production to Reach USD 26 Billion by 2025: Rajnath Singh
Speaking at the India International Security Expo, he said ministry has taken many steps to boost MSMEs in the defence sector and liberalised industrial licences
India has set the target to reach USD 26 billion in defence production by 2025 by encouraging private sector participation in the defence and homeland security sectors, said union defence minister Rajnath Singh. He was speaking at the 22nd India International Security Expo, 2019, organised jointly by India Trade Promotion Organisation (ITPO) and the PHD Chamber of Commerce and Industry (PHDCCI) at Pragati Maidan on October 4.
The three-day expo-cum-conference is focused on defence and homeland security in India. Endorsed by the ministry of defence, ministry of home affairs, ministry of MSMEs and ministry of external affairs, DRDO, UPEIDA, states of Uttar Pradesh and Tamil Nadu for promoting their defence industrial corridors, endorsement by Invest India as the Facilitation Partner for Investment.
The Expo 2019 has participants and delegates representing the centre, and state governments, delegates from 12 countries, armed forces, paramilitary forces, state police, among others, along with significant participation form industry stakeholders from across the world.
Defence minister Rajnath Singh said that the development of Indian defence and homeland security is necessary for nation building. India’s defence sector has been identified as one of the most promising sectors under the ‘Make in India’ mission to achieve USD 5 trillion economy by 2024-25. The sector is contributing to external and internal peace and security contributing towards strong socio-economic development of the country.
He said, “The Ministry has taken many steps to boost MSMEs in the defence sector and liberalised industrial licences. I am confident that the 22nd India International Security Expo, 2019 will provide a focused and effective platform to all the stakeholders for fruitful deliberations on strengthening India’s defence and homeland security.”