India targeting defence exports worth Rs 40,000 crore by 2026, says Rajnath Singh

Addressing a conclave in New Delhi, Rajnath said that domestic defence production has witnessed a significant increase in the last few years

Published: 30th March 2023 08:36 PM  |   Last Updated: 30th March 2023 08:36 PM   |  A+A-

Defence Minister Rajnath Singh

Defence Minister Rajnath Singh. (Photo | PTI)

By Express News Service

NEW DELHI: Defence Minister Rajnath Singh on Thursday said India is targeting exports of defence equipment worth Rs 40,000 crore by 2026.

Addressing a conclave here, Rajnath said that domestic defence production has witnessed a significant increase in the last few years. “We are not only catering to our own needs, but are also exporting weapons & 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.

For this, the defence minister credited the bold approach and unwavering resolve of the government, which has ensured secured borders and a battle-ready Armed Forces backed by a self-reliant defence industry.

Terming national security the government’s top priority, Rajnath listed “notification of positive indigenisation lists; earmarking of record 75 per cent of defence capital procurement budget for domestic industry in Financial Year 2023-24 and efforts to provide local companies access to international market” as part of the government’s relentless efforts to attain self-reliance in defence.

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Rajnath added that India has led the world on issues like terrorism and has been successful in garnering support to eliminate the menace.

Mentioning the surgical strikes, he stated that the 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.

“Whether it was the stand-off with China or ill-intentions from Pakistan, our forces have been giving a befitting reply, whenever required,” said Rajnath.

Tensions along the Line of Actual Control (LAC) have prevailed since the May 2020 clashes in Eastern Ladakh as soldiers from both sides have been moved closer to the LAC. The standoff still prevails in Depsang and Demchok in Eastern Ladakh.

Rajnath also highlighted the government’s resolve towards the development of the Northeast. He stated that it has been ensured that the region, full of beauty and natural resources, is well connected with the heart of the country.

“There is unprecedented peace in the Northeast, which has resulted in the withdrawal of Armed Forces (Special Powers) Act (AFSPA) from most areas," he added.


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