Reports have been coming in from Defence Minister Rajnath Singh who at Bandhan event have stated that the government have signed 128 MoUs, 19 ToTs, 4 Handing Overs, 18 Product Launches and 32 Major Announcements, totaling a grand figure of 201 feats.
Further, 45 MSMEs participating in Aero India 21 have bagged orders worth Rs 203 Crore This is a major achievement.
Order for 83 LCA MK 1A worth over 48000 crores that has been given by the Government in December 2020 will give a big boost to domestic manufacturing and especially to the aviation industry.
This will indirectly and directly spawn new and resilient supply chains as per Defence Minister Rajnath Singh.
With an aim of encouraging manufacture of defence-related items in India the government main endeavour will remain to bring down defence imports by at least $2 billion by 2022.
Between 2016 and 2019, 138 proposals worth over $37 billion for domestic manufacturing have been approved.
The fountainhead of any capability emerges from the robustness of its foundation. The foundation of our vision rests on three pillars.
These are Research and Development, Public and Private Defence Production and Defence Exports have been initiated by the Central Government as per it's policies for the growth of economy of the country.
A robust domestic manufacturing base relates directly to the potential for defence exports. We plan to move from a $11 billion defence base to $25 billion by 2025.
Of this, we further intend to create an export component of $5 billion as per Defence Minister Rajnath Singh.
A large number of initiatives have been taken to invite and facilitate the partnership of major companies from across world and to become a part of India’s defence industrial initiative. It's with this objective that FDI was raised to 74 % from 49 % in August 2020.
During the period 2015-2020, defence exports grew from Rs 2000 crores to Rs 9000 crores. The aerospace sector has an important role to play.
If we have to reach our targets of domestic defence production of $25 billion and exports of $5 billion by 2025.
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