India to export defense equipment worth $25 Billion by 2024: DM Rajnath Singh

Following the vision of 'Make In India' Government plans to increase its defense exports to $25 Billion by 2024. According to SIPRI, India has entered the list of Top 25 defense exporters in last 6 years with 700% increase as compared to previous years.

By Harkirpal Singh, Updated : Feb 22, 2021 11:48 IST
India to export defense equipment worth $25 Billion by 2024: DM Rajnath Singh
DM Rajnath Singh on India's Future Indigenization Plan

On 22nd Feb 2021, While speaking at a Webinar on ‘Budget Announcements 2021-22’ and India’s Defence, Defense minister Rajnath Singh has unveiled Centre's vision on futuristic defense exports and procurements. As per DM Rajnath Singh, Government has planned to increase India's defense exports to $25 Billion by the year 2024.

DM Rajnath Singh said, "Keeping this objective in mind, Ministry of Defence has set a target to achieve a turnover of Rs 1,75,000 Crores (US$ 25 Bn) including export of Rs. 35,000 Crores (US$ 5 Bn) in Aerospace and Defence goods and services by the year 2024".

Government has also planned to induce more Foriegn Direct Investment (FDI) to develop its indigenous defense sector & to acquire state-of-the-art technologies from their premier foreign developers. 

Also Read- India-China Border Row: Both sides release joint statement as disengagement completes at Pangong Tso

"To widen the investment base, the Government of India has enhanced FDI in Defence Sector up to 74% under Automatic Route and 100% under Government route. This would further act as a catalyst for foreign players to invest in India", said Rajnath Singh.

According to Defense Minister, Government has also established TDF Scheme under ‘Make in India’ initiative to create an eco-system for enhancing cutting edge technology capability by inculcating R&D culture in Industry for building indigenous state-of-art systems for defence applications and import substitution.

"Financial powers have also been enhanced to support prototype development under ‘Make-I’. This is in line with Government’s vision of ‘Aatmanirbhar Bharat’ and ‘Make in India’ for a robust defence industrial ecosystem", added Rajnath Singh.

Government of India recently launched  a ‘Negative list’ of 101 items for which there would be an embargo on the import beyond the timeline indicated against them. This is a big step towards achieving self-reliance in defence as it will protect domestic firms from foreign competition under Centre's 'Atmanirbhar Bharat Initiative'. 

Should Read- Aero India 2021: India prepared to defend its territorial integrity at all costs, says DM Rajnath Singh

DM Rajnath also said "The embargo on imports is planned to be progressively implemented between 2020 to 2024. All necessary steps would be taken to ensure that timelines for production of equipment as per the Negative Import List are met".

In addition to above mentioned things, Defense Minister also mentioned the orders for 83 indigenously designed and developed LCA MK1A worth Rs. 48000 Crore that have been awarded to HAL. The contract for indigenously designed Light Combat Helicopter is likely to be signed soon.

While addressing domestic industries, DM said "I would therefore urge our industry partners and the users to remain forward looking, and to ensure that advancement in technology becomes an inherent factor, for taking forward this mutually beneficial relationship".

📣 Follow at Twitter, Facebook, Instagram & Telegram. Stay updated for latest headlines.