On Tuesday, Defence Minister Rajnath Singh urged the domestic industry to identify cost-effective products and technologies for making weapons for the world, noting that global military spending is on the rise.
He said the recent rally in defence stocks indicates a growing interest in the sector, as he addressed a gathering of domestic defence manufacturers.
He spoke at the Society of Indian Defence Manufacturers (SIDM). Singh said, “The whole world is coming forward to invest in India. India is an attractive investment destination. This shows that now is the time to move ahead much faster than all of you have covered so far.”
He added that the companies need to cater not just for the requirements of the Indian armed forces but also for international buyers. Considering the substantial Indian capital procurement budget and the increase in global defence spending, he believes that the nation can meet the needs of quality and efficiency.
Aside from earmarking 68% of the capital procurement budget for domestic purchases, the defence minister also listed several policy initiatives taken by the government to promote the defence industry. He said the aim is to reach Rs. 1.75 lakh crore in defence production by 2025 and targets to increase the export by Rs. 35,000.
