New Delhi, October 4: The government is committed to making the defence industry export-oriented with India as a global manufacturing hub, Defence Minister Rajnath Singh said on Friday, as annual defence production touched a record high of Rs 1.27 lakh crore in FY 2023-24. Addressing the annual session of the Society of Indian Defence Manufacturers (SIDM) here, Minister Singh described the ongoing Russia-Ukraine conflict as a reminder to build a strong defence industrial base, which can be bolstered and expanded with time.

In the total defence production in FY24, the share of defence public sector undertakings (DPSUs) was Rs 1 lakh crore and private companies contributed about Rs 27,000 crore. The minister said the government will provide a renewed thrust to its ongoing efforts towards developing a robust, innovative and self-reliant defence ecosystem. On the 10 positive indigenisation lists (PILs) notified with over 5,500 items, the aim is to equip the armed forces with platforms/equipment manufactured on Indian soil, said the minister. Defence Minister Rajnath Singh Says ‘30 Lakh Defence Pensioners Linked to SPARSH Portal’ at Defence Accounts Department Annual Day Celebrations (See Pics).

Rajnath Singh Addresses Annual Society of Indian Defence Manufacturers

The Defence Minister exhorted the industry to achieve complete self-reliance for these items within the stipulated time, and keep shortening the list, urging them to assess and identify products that can be added to the PILs in view of the rapid changes being witnessed in the field of defence across the globe. "Due to the government’s efforts, an environment conducive to ease of doing business in the country has been created, and a target set for making India's defence industry export-oriented," he noted. He also lauded the major contribution of the private sector in taking defence exports to a record high of over Rs 21,000 crore in FY 2023-24. Lucknow: Defence Minister Rajnath Singh Addresses Top Military Leadership at Joint Commanders’ Conference, Commends Invaluable Contribution (See Pics).

Highlighting the focus on encouraging foreign companies and original equipment manufacturers (OEMs) to invest in India or open joint ventures with the private industry, Rajnath Singh called upon SIDM to prepare a roadmap for collaboration on a firm-to-firm basis. He urged the industry to invest more in cutting-edge technologies, such as artificial intelligence (AI), cyber defence and autonomous systems.

(The above story first appeared on LatestLY on Oct 04, 2024 03:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).