Thursday, March 28, 2024
spot_img

Rajnath invites defence majors to invest in India

Date:

Share post:

spot_img
spot_img

Bangkok: India has set a target of exporting military equipment worth USD five billion by 2025, Defence Minister Rajnath Singh said here on Monday, inviting global defence majors to be part of India growth story.
In an address at a seminar on ‘India rising’, he said the Modi government was committed to make the country a major hub of defence manufacturing and transform it into a USD 26 billion industry in the next six years. Singh said USD 10 billion investment in aerospace and defence goods and services was expected by 2025 which could provide employment to 2-3 million people. He is in Bangkok primarily to attend the ASEAN Defence Ministers’ Meeting-Plus (ADMM-Plus) grouping, a platform comprising ASEAN and its eight dialogue partners including India. The defence minister said a new policy for transfer of technology (ToT) was being formulated to simplify the process to transfer technology developed by DRDO to the industry. He said more than 900 ToT licensing agreements had been signed with industries so far.
Singh said the defence sector was given prominence under the ‘Make in India’ initiative and the aim is to reduce dependence on imports. A new category ‘Buy Indian – IDDM (Indigenously Designed, Developed and Manufactured) was also introduced to promote indigenous design and development of defence equipment. (PTI)

spot_img
spot_img

Related articles

Denag T Sangma leaves NPP to join Congress

Tura, Mar 28:  Former chief executive member (CEM) of Garo Hills Autonomous District Council (GHADC), Denang T Sangma,...

Sensex surges more than 700 points led by gains in financial stocks

New Delhi, March 28:  The BSE Sensex on Thursday was trading at 73,755 points, up by 758 points...

AAP accuses BJP of ‘poaching’ MP, MLA in Punjab

New Delhi, March 28:  AAP leader and Delhi Minister Saurabh Bharadwaj on Thursday alleged that BJP has poached...

Must address dipping fertility rates in India: Experts

Shillong, March 28: The decline in fertility rates in India is a matter of concern and must be...