'Atmanirbhar Bharat': India Looks to Double Defence Exports to $6 Billion by 2029

Indian Defence Minister Rajnath Singh has vowed to double the country's military exports to nearly $6 billion in the next five years, he said after assuming charge of his ministry on Thursday.

"Defence exports had touched a record 21,083 crore INR ($2.5 billion approx.) in financial year 2023-24. It was historic. Our target will be to export over 50,000 crore INR ($6 billion) worth of defence equipment by 2028-2029," the Defence Ministry statement quotes Singh as saying.

The minister, elected from the politically significant Lucknow Lok Sabha seat, emphasised that creating a strong and an Atmanirbhar Bharat (self-reliant India) was his biggest goal in the next five years under Prime Minister Narendra Modi's third term in power.

"Under the leadership of Prime Minister Narendra Modi, our aim will be to further strengthen the security apparatus of the country, with focus on achieving self-reliance in defence manufacturing. Armed Forces' modernisation and the welfare of the soldiers, both serving and retired, will continue to be our main focus," Singh claimed.

He also underlined that bolstering the country's border infrastructure would be among his priorities like in his last tenure.

Singh added that Indian Armed Forces were being equipped with state-of-the-art weapons and platforms enabling them to encounter "every challenge".

The minister also hailed the military personnel for protecting the "unity, integrity and sovereignty of the nation with valour and commitment," the official statement reads.

Meanwhile, Singh chaired a review meeting on the '100-day Action Plan' immediately after assuming charge of his ministry. The meeting was attended by Chief of Defence Staff (CDS) General Anil Chauhan as well as chiefs of Indian Army, Indian Navy and the Indian Air Force (IAF) among other senior officials.

He ensured that he would be conducting review meetings regularly to "fast-track" the progress of flagship schemes.

"Emphasising the growing salience of the Indian Ocean Region in the defence calculus, the Defence Minister has decided on his first visit in this tenure to the Eastern Naval Command, Visakhapatnam, wherein he will be interacting with the officers and sailors," according to the statement.

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Atmanirbhar Bharat: India Eyes Doubling Defence Exports to $6 Billion by 2029