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Defence Minister Rajnath Singh on Friday said that aerospace sector will play an important role to reach the targets of domestic defence production of USD 25 billion and exports of USD 5 billion by 2025.Addressing the Bandhan event during Aero India 2021 at the Yelahanka Air Force Station, he said, "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 USD 25 billion and exports of USD 5 billion by 2025.""A large number of initiatives have been taken to invite and facilitate the partnership of major compes from across the world and to become a part of India's defence industrial initiative. It's with this objective that the Foreign Direct Investment was raised to 74 per cent from 49 per cent in August 2020," said Rajnath Singh on Friday.He stated that the fountainhead of any capability emerges from the robustness of its foundation and the vision of our foundation rests on three pillars - Research and Development, Public and Private Defence Production and Defence Exports."We have signed 128 MoUs, 19 ToTs, 4 handing overs, 18 product launches and 32 major Announcements, totalling 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," said the Defence Minister on Thursday.Rajnath Singh further stated that an order for 83 LCA MK 1A Tejas fighter jets worth over 48,000 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, adding that it will spawn new and resilient supply chain."With an aim of encouraging the manufacture of defence-related items in India, our endeavour will remain to bring down defence imports by at least USD 2 billion by 2022. Between 2016 and 2019, 138 proposals worth over USD 37 billion for domestic manufacturing have been approved, said Rajnath Singh.Addressing in Bengaluru, the Defence Minister stated that a robust domestic manufacturing base relates directly to the potential for defence exports and the government plans to move from a USD 11 billion defence base to USD 25 billion by 2025, adding that it further intends to create an export component of USD 5 billion.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Foreign direct investment, Latest News

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