Singh was speaking at the annual conclave of Delhi-based Society of Indian Defence Manufacturers (SIDM).
"The current size of the Indian economy is around $2.7 trillion and our goal is to make it to $5 trillion by 2024 and subsequently to US$ 10 trillion by 2030-32," he said.
Singh further said that under the 'Make in India' initiative of Prime Minister Narendra Modi, the government aims to not only establish India as a major arms manufacturing hub but also convert it into a net defence exporter. At present, the defence industry in India is hugely dependent on imports.
"In our envisaged Defence Production Policy, we have spelt out our goal to achieve a turnover of $26 billion in aerospace and defence goods and services by 2025, involving an additional investment of $10 billion and creating employment for nearly 2-3 million people," said Singh.
Singh elaborated on the initiatives undertaken by the BJP government to ease defence manufacturing in India including revising of the Defence Procurement Procedure in 2016 and establishment of an Investors' Cell to aid defence manufacturers.
"I am proud to share with you that simplification of procedures for defence exports has resulted in export of Rs 10,745 crore in 2018-19, which is nearly seven times the export achieved in 2016-17 and we have set a target of $5 billion for exports till 2024," he further added.
( With inputs from IANS )