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Self reliance in Defence sector can be achieved through start-ups: Rajnath Singh

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Without indigenous technology in Defence manufacturing, self-reliance is not possible in the Defence sector, said Union Defence Minister Rajnath Singh as he emphasized upon the need of manufacturing new technology within the country in Defence sector through start-ups.

He was addressing, "Make in India in Defence Industry Roundtable," event here at Vigyan Bhawan on Friday.

"Without new technology in the Defence sector, self-reliance is not possible in true sense. We need to manufacture and produce Defence-related technology within the country. Start-ups can have a major contribution in this," said Rajnath Singh.

He also emphasized the priority of the government to promote private sector contribution in the Defence sector and increasing the Defence export to the friendly countries.

"In the Defence sector government wants to promote the private sector. Also, Defence PSUs should be strengthened and Defence export should be more simplified to promote export to the friendly countries," said Singh.

He said that Defence Procurement Procedure was revised in 2016 so as to promote domestic industries in the Defence sector.

"A strategic partnership model should be developed in Defence manufacturing infrastructure and supply chain so that Indian industries participate in Defence manufacturing," said the Union Minister.

He said that private players in Defence sector manufacturing can act as torch-bearers and key-players in the sector.

"Indian Defence Industry in the year 2018-19 has approximately Rs 80 thousand crore production out of which private sector contribution was Rs 16 thousand crores. In the Defence PSUs production, 40 per cent contribution is of private players through outsourcing," said the Minister.

"A multi-pronged approach has to be adopted if we have to achieve a 5 trillion economy by 2030. FDI is liberalized in the Defence sector and Defence export procedure is simplified. In Defence and aerospace, after 2014, FDI Rs1664 Crore. In the year 2018-19 Defence export is approximately Rs 10,705 crore which is about 7 times to that in 2016-17," said Rajnath Singh.

He said that entry barriers for MSMEs in the Defence sector have been reduced by the government.

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

First Published: Fri, August 09 2019. 18:43 IST