https://sputniknews.in/20240225/india-to-triple-defense-production--exports-in-five-years-6663987.html
India to Triple Defense Production & Exports in Five Years
India to Triple Defense Production & Exports in Five Years
Sputnik India
According to the latest data by the Ministry of Defence, India's defense production has crossed INR 1 Trillion ($12bn) mark while the defense exports in 2023-24 has been estimated at around INR 600 Billion ($7bn).
2024-02-25T14:11+0530
2024-02-25T14:11+0530
2024-02-25T14:11+0530
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India's Defense Minister Rajnath Singh has announced that India's annual defense production is projected to reach an astounding INR 3 trillion ($36 billion) within the next four to five years.Moreover, the country's exports of military hardware are expected to reach an impressive INR 500 billion ($6 billion).This remarkable growth is further enhanced by the plans to manufacture high-end systems, including aero-engines and gas turbines, domestically.Singh stated that in the past, India was primarily recognized as an arms importer.Singh also urged young professionals to create new companies with a defence profile, stressing that in 20-25 years they will define "a new dimension of India's image in the global arena". He named artificial intelligence, quantum computers, smart weapons systems, cyber warfare and space defence systems among the priority areas of such work.The defense minister added that INR 6.21 Trillion ($74.8 billion) was allocated to the defense budget for 2024-25.In the financial year 2023-24, he announced that the government has granted in-principle approval to capital acquisition projects valued at over INR 4.35 Trillion ($52.4 billion).
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indian defence minister rajnath singh, defence production, exports, military hardware, manufacture, aero-engines, gas turbines, arms importer, prime minister narendra modi, arms-exporting nation, defence budget, capital acquisition projects, trillion,
indian defence minister rajnath singh, defence production, exports, military hardware, manufacture, aero-engines, gas turbines, arms importer, prime minister narendra modi, arms-exporting nation, defence budget, capital acquisition projects, trillion,
India to Triple Defense Production & Exports in Five Years
According to the latest data by the Ministry of Defence, India's defense production has crossed INR 1 Trillion ($12bn) mark while the defense exports in 2023-24 has been estimated at around INR 600 Billion ($7bn).
India's Defense Minister Rajnath Singh has announced that India's annual defense production is projected to reach an astounding INR 3 trillion ($36 billion) within the next four to five years.
Moreover, the country's exports of military hardware are expected to reach an impressive INR 500 billion ($6 billion).
This remarkable growth is further enhanced by the plans to manufacture
high-end systems, including aero-engines and gas turbines, domestically.
Singh stated that in the past, India was primarily recognized as an arms importer.
“Earlier, India was known to be an arms importer. But today, under the leadership of the prime minister, we have come out of our comfort zone and found a place in the list of top-25 arms exporter nations,” Singh said.
Singh also urged young professionals to create new companies with a defence profile, stressing that in 20-25 years they will define "a new dimension of India's image in the global arena". He named artificial intelligence, quantum computers, smart weapons systems, cyber warfare and space defence systems among the priority areas of such work.
The defense minister added that INR 6.21 Trillion ($74.8 billion) was allocated to the defense budget for 2024-25.
In the financial year 2023-24, he announced that the government has granted in-principle approval to capital acquisition projects valued at over INR 4.35 Trillion ($52.4 billion).
