Raksha Mantri Rajnath Singh invited investment from domestic industry and Foreign Original Equipment Manufacturers (OEMs) in the Indian defence sector and take advantage of the opportunity to integrate global supply chains, during the ‘Invest for Defence’ investor outreach event organised as part of 12th DefExpo in Gandhinagar, Gujarat on October 20, 2022.
Commenting on the enthusiastic participation of domestic industry and businesses, the Raksha Mantri said the trust of the industry stakeholders is encouraging and reflects their faith in the Indian defence sector. He added that this is a golden period for Indian Defence Industry, which will be a sunrise sector in the years to come. Sharing the government’s future plans for the defence sector, he asserted that the target is to increase defence production in India from USD 12 billion to USD 22 billion by 2025. This provides unparalleled opportunities for growth to industry in the coming years, he added.
Rajnath Singh questioned the earlier view that there is a dichotomy between economic development and security, saying that they are complementary. He mentioned that this approach has changed in the past few years and now these two concepts are integrated, and they strengthen each other. “Today, the nation is integrating and moving forward with these two capabilities, which complement each other, and making unparalleled improvements in both,” said Shri Rajnath Singh. He added that economic and strategic capabilities are essential for development of science and technology, health, agriculture, trade and commerce.