The size of India's defence and aerospace manufacturing sector will increase to Rs. 1 lakh crore in 2022 and surge further to Rs.5 lakh crore by 2047, when the country will celebrate 100 years of independence, from around Rs.85,000 crore in the current year, Defence Minister Rajnath Singh said on Saturday.
"The role of the private sector will be very important in it," Singh said while addressing the Annual Convention and 94th Annual Gener of the Federation of Indian Chambers of Commerce and Industry (FICCI).
According to the Defence Minister, the contribution of the private sector in India's defence and aerospace manufacturing will rise to over Rs.1 lakh crore by 2047 from around Rs.18,000 crore in the current year.
Singh said defence and aerospace offer huge opportunities for micro, small and medium enterprises (MSMEs). "Some would say the defence sector is for the big industry. But it's not true. Today, more than 1000 MSMEs are working in the defence manufacturing sector," he said.
He said by 2024-25, India would become a net exporter of defence products.
The Defence Minister said the government has taken a number of measures to promote and facilitate private investments in the defence sector.
"There was a time when only government companies were in the defence sector. We have changed the situation," Singh said adding the government sees private investors as an important partner in defence manufacturing.
( With inputs from ANI )
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