According to Rajnath Singh, the union’s defence minister, the administration is putting its attention on creative ways to strengthen the nation’s defence industry.
“Innovation in Defence Excellence, worth ₹498 crores, aims to benefit 300 new startups for innovative design and development in the defence sector,” the defence minister said.
Rajnath Singh stressed the importance of national security for any country’s development and added that with the current growth in Indian defence production, we can stop importing defence gear from other nations. Not only that, but the “Make in India” programme allowed us to export some products to other nations.
He added that the government has also increased the limit of FDI in this sector, and that its strategy of encouraging the domestic production of defence equipment would boost the Indian economy.
Currently, Rs. 85,000 crores have been set aside for R&D in the private sector engaged in the production of defence. India will be in a win-win situation with the start of two defence corridors across the nation.
India being one of the top 25 exporters of defence goods is a proud accomplishment for us, the minister said.