India's defence exports in the current fiscal year are nearing 14,000 crore, according to Defense Minister Rajnath Singh.
While addressing the ‘Rising India Conclave’ organised by a private media organisation in New Delhi, Singh said that India's domestic defence production has witnessed a significant increase in the last few years.
“We are not only catering our own needs, but are also exporting weapons and equipment to other countries," Singh said.
"From Rs 900 crore 7-8 years ago, defence exports have skyrocketed and are nearing Rs 14,000 crore in the current Financial Year. Our target is export defence equipment worth Rs 40,000 crore by 2026,” he added.
Singh credited the bold approach and unwavering resolve of the government, which has ensured secured borders and a battle-ready Armed Forces backed by a self-reliant defence industry, the Defence Ministry said in a statement.
Terming national security as Government’s top priority and self-reliance as the only medium to achieve it, he asserted that relentless efforts are being made to attain ‘Aatmanirbharta’ in defence.
He listed out some of the steps taken by Defence Ministry, including notification of positive indigenisation lists; earmarking of record 75 per cent of defence capital procurement budget for domestic industry in Financial Year 2023-24 and efforts to provide local companies access to international market.
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