Defence Minister Rajnath Singh on Friday stated that India will make investments greater than $130 billion to modernise its armed forces over the following eight years.
Speaking on the valedictory occasion of the thirteenth version of the biennial Aero India, Singh stated, “By self-reliance, we do not mean to be isolated from the world or act as a closed economy… It actually seeks to promote globalisation by making India a more competitive player on the global stage and inviting the global companies to set up shops in India.”
He added, “We are going to invest around $130 billion towards enhancing security by military modernisation in the next 7-8 years.”
India has been making an attempt to provide a fillip to the home defence manufacturing business and hopes to attain $5 billion value of exports by 2024.
Singh stated that occasions like Aero India will “assist in realising our twin objectives of self-reliance and exports, and in achieving our goal of attaining a turnover of
Rs 1,75,000 crore, together with export of Rs 35,000 crore in aerospace and defence items and companies, by the 12 months 2024”.
He invited worldwide gamers to determine their ventures in India “for the purpose of peace, security, cooperation, coordination, balance and joint business interests”. President Ram Nath Kovind, who was the chief visitor on the valedictory occasion, stated he’s assured that Aero India “will contribute significantly towards strengthening India’s self-reliance in the defence sector as well as establishing India as a manufacturer for the world”.
“The event has exhibited that the global confidence in India’s capabilities is growing steadily,” Kovind stated. “The reforms initiated in India in the last six years offer unprecedented opportunities to investors and private companies in the defence and aerospace sectors. We have taken a number of policy initiatives aimed at placing India among the top nations in the defence sector with twin objectives of self-reliance and export promotion.”
Speaking about Mission Sagar 1, Kovind stated, “After the Covid-19 outbreak, underneath Operation Sagar 1 we reached out to our neighbours and assisted them with medical groups, medicines in addition to diagnostic kits, ventilators, masks, gloves and different medical provides.
“Keeping with India’s stated commitment to use its vaccine production and delivery capacity to help the entire humanity fight the Covid-19 pandemic, supplies to our friendly foreign nations have already begun,” he stated.$130 bn to modernise forces in 8 yrs: Rajnath
