By 2028-29, India’s annual defence production is expected to touch ₹3 lakh crore and defence exports to ₹50,000 crore, Defence Minister Rajnath Singh said on Saturday speaking at an event. In a separate development, he approved financial incentive for armed forces personnel who bagged medals in the 19th Asian Games and 4th Asian Para Games held in Hangzhou, China in September-October 2023.
For the games, gold medal winners will receive a cash reward of ₹25 lakh each, silver medal winners ₹15 lakh each and Bronze medal winners ₹10 lakh each. There are 45 medal winners who won medals in both the games, including seven Para athletes. These athletes won nine Gold, 18 Silver, and 17 Bronze medals in the Asian Games and one Gold, four Silver, and two Bronze medals in Asian Para Games.
“This financial incentive, announced by the Ministry of Defence for the armed forces personnel for the first time, will further motivate these athletes to exhibit an even better performance at qualifying events of the Paris Olympics Games 2024 for which they are currently preparing,” the Ministry said in a statement.
Speaking at an event, Mr. Singh pointed out that the government has been focusing on the integration of the three services which will ensure enhanced coordination among them in times of crisis. “Earlier, the three Services used to work in silos. We focused on their integration which was an out-of-the-box step and the need of the hour. It was a little difficult in the beginning; but today our military is ready with better coordination to deal with every challenge together,” he said.
Listing out the major steps taken in defence manufacturing, Mr. Singh said the MoD has notified five positive indigenisation lists of the Services, comprising over 500 items, and four other lists, with over 4,600 items for Defence Public Sector Undertakings to ensure that the soldiers use made in India weapons and platforms.
“Earlier, India was known to be an arms importer. But today, under the leadership of the Prime Minister, we have come out of our comfort zone and found a place in the list of top 25 arms exporter nations. Seven-eight years ago, defence exports did not even touch ₹1,000 crore. Today, it has touched ₹16,000 crore. By 2028-29, annual defence production is expected to touch ₹3 lakh crore and defence exports ₹50,000 crore,” he said.
“We aim is to manufacture high-end systems like aero-engines and gas turbines in India in the next five years,” he added.
Mr. Singh stated that imposing a ban on import of arms was a short-term difficulty as today that challenge is slowly turning into opportunity, and India is rising on the defence industrial landscape of the world. “Today, our military is using weapons and platforms, which are manufactured on our own soil.”
Mr. Singh said that in the Financial Year 2023-24, capital acquisition worth more than ₹4,35,000 crore have been given in-principle approval till now.
Published - February 24, 2024 01:25 pm IST
