Rajnath: India’s defence sector is in “golden period”
20 October, 2022 | Pranay Lad
At DefExpo in Gandhinagar on Thursday, Defence Minister Rajnath Singh declared that the current age is the "golden moment" of the Indian defence industry.
The 12th edition of DefExpo’s “Invest for Defense” event featured remarks from Defence Minister Rajnath Singh. From this edition forward, the event has been added to the Defense Expo. The Ministry of Defence claims that the purpose of the event was to encourage domestic and international original equipment manufacturers to invest in the country’s defence industry.
In order to make doing business in the defence sector easier, it will also highlight the needs of the armed forces and government policy improvements.
According to Singh, “We have to build a healthy atmosphere for our investors that would not only provide them good returns but also establish them in both home and international markets.”
The Minister claimed that the government had allotted capital purchases for defence procurement in order to strengthen the domestic sector.
“By 2025, the government wants to double the amount spent on defence from 12 billion to 22 billion dollars. To prevent unfair international competition in the local market, we are doing everything in our power to safeguard our domestic industry. At the same time, we are working to open up overseas markets to domestic businesses so they can expand outside of India,” he added.
Singh also said, “Our defence sector is currently going through a crucial stage. By producing fighter aircraft, aircraft carriers, main battle tanks, and attack helicopters, our industry has demonstrated its capabilities. The Indian defence industry is in its golden age right now.”
The defence minister claimed that these initiatives had contributed to the development of an ecosystem and gained priceless experience. Future generations will benefit from this experience as they support and advance the defence system, he continued.
The MoD and Armed Forces leadership participated in a panel discussion during the event along with industry heavyweights.
Both domestic and international institutional investors participated in it.