Defence Minister Rajnath Singh said that the government has clearly spelled out its goal to achieve a turnover of $26 billion in aerospace and military manufacturing in next five years. He said this will have huge implications for India's endeavors to promote R&D, innovation and its efforts to secure a place in global supply chains. He noted that indigenous defense production was key to realise the government’s vision of making India a $5 trillion economy by 2024.
The minister said adequate thrust is being given on enhancing defense exports though the primary aim of indigenous defense production is to cater to the needs of the armed forces. He said a slew of structural reforms has been initiated by the government to ensure synergy among key stakeholders. He also said the government accorded approval to more than 200 proposals worth Rs 4 lakh crore in defense manufacturing in the last five years. He added that the government's aim is to double the size of the aeronautics industry from Rs 30,000 crore to Rs 60,000 crore by 2024.
Singh further highlighted that a number of major platforms are envisaged in the defense aerospace sector including India's 90-seater civil aircraft, developing a civil helicopter industry of $5 billion in the public-private-partnership model. He also listed out several reform measures including simplification of the industrial licensing process, hike in FDI cap, making defense export less stringent, streamlining the defense offset policy and opening the government-owned trial and testing facilities for the private sector.