SunstarTV Bureau: Defence Minister Rajnath Singh has announced during the Aero India show, that India is planning to spend 130 billion dollars on military modernisation in the next 7-8 years to strengthen its security apparatus.
The Minister said, “We have taken many steps to strengthen our security apparatus recently. Domestic manufacturing of bigger and complex defence platforms has now become the focus of our policy under the Atmanirbhar Bharat Abhiyan. We plan to spend 130 billion dollars on military modernisation.”
To achieve the twin goals of self-reliance and exports, he said, a target has been set to achieve a turnover of Rs 1,75,000 core, including exports worth Rs 35,000 core in aerospace and defence goods and services by 2024.
He pointed out that India holds the potential to become a reliable supplier of defence equipment to many friendly nations. “We have a strong and diversified Micro, Small, Medium Enterprises sector, having more than 5,000 active units,” the Minister said.
Talking about ‘Aero India’, he said that India today offers a unique opportunity in defence and aerospace manufacturing. “This opportunity comes as a ‘sangam’ or confluence of rising demand, greater innovation, conducive policies and maturing ecosystem in defence and aerospace manufacturing sector,” he added.
The Minister also mentioned that in aviation sector, the air show and aviation exhibition is one of the brightest galaxies which offer a wide variety of options, solutions, partnerships and, most importantly, opportunities.