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Defence sector to play pivotal role in making India $5 trillion economy: Rajnath

ANI  |  General News 

Defence Minister Rajnath Singh on Friday called for increased and active participation of the private sector in defence manufacturing to achieve the government's target of making the Indian defence industry worth $26 billion by 2025.

"Defence sector will play a pivotal role in government's aim of inclusive growth and making India a $5 trillion economy by 2025. Our aim is to make a world-class domestic defence industry that is self-reliant and less dependent on imports," he said.

He was addressing the captains of industry at the 22nd India International Security Expo, 2019 (Defence & Homeland Security).

He said the government plays the role of a facilitator and the duty of the industry is to work in tandem to realise the vision of 'New and Strong India' and exuded hope that the industry partners will come up with concrete investment and technological intervention proposals related to defence and avail the business opportunities present in the sector.

"There is a need to make the system investor-friendly and create a conducive atmosphere for the growth of defence production with increased participation of the private sector," he said.

Assuring the defence industry that the government is open to new ideas and remains committed to harnessing the entrepreneurship spirit and energies of the private sector, he said as a friend, philosopher and guide, the government is ready to hold frank discussions, even on issues and problems.

He expressed confidence that the Indian Defence Industry will touch newer heights and make India a major defence manufacturing hub. He invited domestic as well as foreign defence manufacturers to participate in DefExpo 2020 to be held in Lucknow in February next year.

Describing the recent decision to reduce the Corporate Tax rate as historic, Singh said, the step reflects the government's commitment to boost growth and investment.

On the Defence Industry Corridors in Uttar Pradesh and Tamil Nadu, the minister said, the corridors are being established to provide state-of-the-art infrastructure for the setting up of defence production facilities.

"The corridors will not only encourage regional industry but also develop a well-planned and efficient industrial base to promote defence production," he said.

The 22nd India International Security Expo, 2019, has been organised by Indian Trade Promotion Organisation (ITPO) in collaboration with Punjab, Haryana and Delhi (PHD) Chamber of Commerce and Industry, Ministry of Defence, Ministry of Home Affairs, Ministry of External Affairs, Ministry of Micro, Small and Medium Enterprises (MSMEs) and Defence Research & Development Organisation (DRDO) among others.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 04 2019. 18:47 IST