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India Targets Defence Exports Worth Rs 40,000 Crore by 2026: Defence Minister

Defence Industry

New Delhi: Defence Minister Rajnath Singh while addressing the ‘Rising India Conclave’ on March 29 in New Delhi said that from secure borders and self-reliance to a strong economy and transformed global image, India is rising as one of the strongest countries under the leadership of Prime Minister Narendra Modi.

Pointing out that all sectors, especially defence, have been witnessing a transformative change in the last few years and has guided India to a respectable position on the world map, Defence Minister Singh stated that domestic defence production has witnessed a significant increase in the last few years, and India is “exporting weapons and equipment to other countries.”

“We are not only catering our own needs, but are also exporting weapons and equipment to other countries. From Rs 900 crore 7-8 years ago, defence exports have skyrocketed and are nearing Rs 14,000 crore in the current Financial Year. Our target is to export defence equipment worth Rs 40,000 crore by 2026,” he said.

Lauding Prime Minister’s visionary leadership “which has guided India to become the fifth-largest economy and transformed its global image to that of an agenda-setter,” he said “In 2013, investment firm Morgan Stanley had coined a phrase ‘fragile 5’ economies and named India among them. Under the Prime Minister’s leadership, we successfully dealt with the problems such as the possibility of recession and COVID-19 pandemic, and today we are an inspiration to other countries. The highest-ever FDI inflow of US $83.57 billion last year is a positive sign for the economy and proof that the world has faith in the possibilities and opportunities available in India. From ‘fragile 5’, we are now among ‘fabulous 5’.”

“According to a report by Morgan Stanley, India will be one of the top three economies of the world by 2027. When we celebrate the 100th anniversary of our independence in 2047, I am hopeful that we will be the world’s top economy,” he added.

The Defence Minister further said that India led the world on issues like terrorism and has been successful in garnering support to eliminate the menace. He emphasised that countries, which use terrorism as a tool, are well aware of the fact that “India never harms anyone unnecessarily, nor does it spare anyone who tries to hurt its unity, integrity, and sovereignty”. He stated that the surgical strikes move broke the back of terrorists and sent a strong message to the world that India will eliminate terrorism on its own soil and if need be, on foreign land as well.