New Delhi, Aug 30 (UNI) Defence Minister Rajnath Singh on Friday said that 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.
Speaking at an event in Thiruvananthapuram, Kerala, Rajnath Singh exuded confidence that the Ministry of Defence will achieve a target of Rs three lakh crore worth of defence production by 2029, an official statement said.
“Today, we are also exporting defence equipment made in India. In the 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,” the Defence Minister said.
He said that self-reliance in every sector is the first condition for a strong economy and the nation is making giant strides towards realising the government’s vision of ‘Aatmanirbhar Bharat’. Adding that a raft of measures have been taken by the Government to create a robust production base and an ecosystem for defence R&D and innovation.
On India’s growing stature on the international stage, the Defence Minister mentioned about Prime Minister Narendra Modi’s recent visits to Russia and Ukraine, saying that he is the only global leader who was listened to by both the countries.
“India has today become the biggest voice of the Global South. Every country considers and listens to India’s opinion on significant issues,” Singh said.
Rajnath 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 and 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 government will always be recognised as the biggest ‘Change Makers’. India is on a cusp of major change. It will usher India into an age of unprecedented development, prosperity, social harmony and growth”.
Speaking on the growth in India’s economy since 2014, Singh said, “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 percent. It was more than the growth rate of 7 percent 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”.
Identifying good governance as Government’s priority, Rajnath stated that every policy and programme is founded on the principles of stability, consistency, and continuity to ensure good governance.
He further added that productive expenditure in the form of highest capital expenditure; unprecedented investment in welfare schemes; end of wasteful expenditure and financial discipline has been the focus areas of the government.
Highlighting the growing role of women in the Armed Forces, the Defence Minister stated that many obstacles to the entry of women into the military have been removed.
“We have ensured increased participation of women in all the three wings of the Armed Forces. Permanent Commission for women has been allowed. One of the most prestigious military training institutes, National Defence Academy, has also been opened for women. Our government is marching ahead with the vision of women empowerment and women-led development,” he said.
Moreover, Rajnath termed the health, safety and welfare of women as the top priority of his Government.
“Considering the atrocities and crimes against women in the country, despite all the changes, it seems that a lot remains to be done. Our government has adopted a strict attitude towards crimes against women, but many states are not making sincere efforts in this direction.
The recent heart-wrenching incident in Kolkata is very tragic and disgraceful. We have amended the law to provide for the capital punishment for heinous crimes like rape. This law should be implemented with strictness,” he said.
