Bangkok: Defence Minister Rajnath Singh on Monday said that India will achieve a USD 26 billion defence industry by 2025 and the country is taking effort and committed to attain the goal.
Singh said that in a bid to reduce “dependency” on import, the draft Defence Production Policy 2018 had set a target of USD five billion in defence exports by 2025. He was speaking at ‘India Rising Conference’ in Bangkok.
“Defence Sector has been identified as one of the prominent sectors under ‘Make in India’ initiative to realise USD 5 trillion economy by 2024. India is the 2nd largest importer of arms as of 2014-18 with a share of 9.5 per cent of the total world imports,” Singh said.
He also acknowledged that the Indian private sector is manufacturing about USD 3 billion of the defence items.
“The draft Defence Production Policy 2018 had set a target of USD 5 billion in defence exports by 2025,” he added.