Invest in defence industry, assure good returns: Rajnath Singh at DefExpo

“By the year 2025, the government plans to increase defence production from USD 12 billion to USD 22 billion. The possibility of this figure exceeding the USD 22 billion cannot be ruled out. You can just imagine the opportunities that will be available for the industry, with this kind of growth,” he said.

“Earlier, the doors of the Defence ministry used to remain closed. Defence ministers and officials in the Ministry used to hesitate (to agree) for a meeting. The concern was that someone might point an accusing finger. We are not worried about this. If the investors have a problem, the doors of my officials and mine are always open,” he said.

“Usually, the strength of a country stands on two pillars. The first is the GDP, and the second is its defence capability or its ability to keep itself secure. These two factors decide the development of knowledge, science, agriculture, trade, etc. A prosperous country can bear the cost of security for a longer time. The more secure a country is, it can make better economic progress.”

“For a long time, there was a line of thought in the country that defence and development were opposite poles. It meant that if we concentrated on our social-economic development, then we would have to compromise on our defence capabilities; and if we increased our defence capabilities, then we had to compromise with socio-economic development. It is surprising that despite gaining Independence, we could not gain independence from this point of view,” he said, adding that a long time was spent in balancing economic growth and defence capabilities.

“To increase the participation of domestic industry in the defence sector, the government has reserved 68% of the defence capital acquisition for domestic procurement for the year 2022-23, which is approximately Rs 85,000 crore and 25% of this has been reserved for the domestic private industry,” he said.

“We have been able to create such an environment for our investors. It will not only provide them good returns, but will also create an image for them in domestic and global markets,” Singh said.

Later, while addressing a seminar organised by the US-India Business Council (UIBC) and Society of Indian Defence Manufacturers (SIDM), Singh invited US companies to set up manufacturing units in India and develop technology collaborations with Indian industries to create a global supply chain free from vulnerabilities and uncertainties.