Self-reliance in every sector is the first condition for a strong economy and the nation is making giant strides towards realising the vision of ‘Aatmanirbhar Bharat’, Defence Minister Rajnath Singh said on Friday.
Speaking at an event in Thiruvananthapuram, he pointed out that a series of measures have been taken by the government towards creating a robust production base and an ecosystem for defence R&D and innovation.
Some of the steps taken by the Ministry of Defence, the minister enumerated, include setting up of Defence Industrial Corridors in Uttar Pradesh & Tamil Nadu and issuance of five Positive Indigenisation Lists of more than 5,500 items. He added that GE-414 engines will now be made in India, which marks a remarkable progress in the country’s engine-making capability. He referred to his recent US visit, stating that he had fruitful discussions with the US defence companies and they are excited to join the ‘Make In India’ programme.
Mr Singh recalled that there was a time when the country relied on other countries to meet the defence needs, and about 65-70 per cent of defence equipment was being imported. But this has changed today, he said, highlighting that 65 per cent of the defence equipment is being manufactured on Indian soil and only 35 per cent is being imported.
He said the annual defence production has crossed Rs 1.27 lakh crore and the target is to reach Rs 1.75 lakh crore in this fiscal year. He exuded confidence that the Ministry of Defence will achieve a target of Rs three lakh crore worth of defence production by 2029.
“Today, we are also exporting defence equipment made in India. In Financial Year 2023-24, India’s defence exports crossed Rs 21,000 crore. Our target is to increase defence exports up to Rs 50,000 crore by 2029,” Mr Singh said.
On India’s growing stature on the international stage, he spoke about Prime Minister Narendra Modi’s recent visits to Russia & Ukraine, saying that he is the only global leader who was listened to by both countries. “India has today become the biggest voice of the Global South. Every country considers and listens to India’s opinion on significant issues. The Prime Minister was recently bestowed with Russia’s highest civilian honour by President Vladimir Putin. With this, Russia has joined 16 countries that have given their highest civilian honour to our Prime Minister. These countries also include Muslim nations like UAE, Saudi Arabia, Afghanistan, Maldives and Bahrain,” he said.
He emphasised that the country has witnessed ‘Epochal Changes’ in the last ten years – from economic reforms to major social transformation, from cultural revival to significant political changes. He credited the people for playing the most important role in this change along with the government.
“The last 10 years will go down in history as the decade of change and our Prime Minister & government will always be recognised as the biggest ‘Change Makers’. India is on the cusp of major change. It will usher India into an age of unprecedented development, prosperity, social harmony and growth,” he added.
The Raksha Mantri spoke on the growth in India’s economy since 2014. “India’s economy was earlier among the ‘Fragile Five’. Today, it is being recognised all over the world as one of the ‘Fabulous Five’. During the last fiscal year, India’s economic growth rate was 8.2 per cent. It was more than the growth rate of 7 per cent the year before. For two consecutive years, India has been the fastest-growing economy out of all the world’s major economies. In the last ten years, from the 11th position, India has become the fifth largest economy. Investment firm Morgan Stanley estimates show that India will become the third largest economy by 2027,” he said.
Mr Singh pointed out that despite the fast pace of growth, inflation is well under control in India.