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Government’s goal to take Indian economy to $10 trillion by 2030: Defence Minister
Sep-18-2019

Defence Minister Rajnath Singh has said that the current size of the Indian economy is around $2.7 trillion and the government's goal is to make it to $5 trillion by 2024 and subsequently to $10 trillion by 2030. He noted that defence is one of the sectors that will help contribute towards it. He also said the country’s defence industry in the past had not performed to its full potential due to several reasons. He noted that this has led to the country's dependence on imported arms. 

The minister said that under the 'Make in India' initiative, several important steps have been taken to change the status quo and to make India not only a major arms manufacturing hub in the world but also a net defence exporter. He noted that amongst several sectors of the economy which are set to contribute to this growth, defence has been identified as one of the most prominent sectors under the 'Make in India' initiative.

Noting that India has a huge defence industrial base, Singh said it comprises nine giant Defence Public Sector Undertakings (DPSUs), 41 Ordnance Factories (OFs) and 50 dedicated R&D labs and other establishments under the umbrella of the Defence Research and Development Organisation (DRDO). He said “in our envisaged Defence Production Policy, we have clearly spelt out our goal to achieve a turnover of $26 billion in aerospace and defence goods and services by 2025, involving an additional investment of nearly $10 billion and creating employment for nearly 2-3 million people.”

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