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Tuesday, September 22, 2020

New policy for defence manufacturing targets Rs 1.75 lakh crore in five years

The government wants to create an “environment that encourages R&D, rewards innovation, creates Indian IP ownership and promotes a robust and self-reliant defence industry”.

By: Express News Service | New Delhi | August 4, 2020 1:44:00 am
Defence Production and Export Promotion Policy 2020, defence ministry, new defence production policy, make in india, make in india defence, indian express The Rs 1.75 lakh crore (US$ 25 billion) turnover goal also includes export of Rs 35,000 crore in aerospace and defence goods and services by 2025. (Express photo for representation)

Hoping that indigenous defence manufacturing sector will act as a driver for the economy, the government has come out with a draft policy for production and export with an aim to achieve a turnover of Rs. 1.75 lakh crore by 2025.

The Defence Ministry released the Defence Production and Export Promotion Policy 2020 seeking feedback from stakeholders. “In order to provide impetus to self-reliance in defence manufacturing, multiple announcements were made under ‘Atmanirbhar Bharat Package’,” the Defence Ministry said in a statement on Monday.

It said that it aims to “position India amongst the leading countries of the world in defence and aerospace sectors” and the policy is “envisaged as overarching guiding document of MoD to provide a focused, structured and significant thrust to defence production capabilities of the country for self-reliance and exports”.

The Rs 1.75 lakh crore (US$ 25 billion) turnover goal also includes export of Rs 35,000 crore in aerospace and defence goods and services by 2025. Through the new policy the government also wants to “develop a dynamic, robust and competitive defence industry, including aerospace and naval shipbuilding industry to cater to the needs of armed forces with quality products”.

It also wishes to “reduce dependence on imports” and take the Make in India initiative forward “through domestic design and development”.

The government wants to create an “environment that encourages R&D, rewards innovation, creates Indian IP ownership and promotes a robust and self-reliant defence industry”.

The ministry said that the policy will focus on procurement reforms, indigenisation and support to MSMEs and start-ups, optimise resource allocation, export promotion among others.

Making the draft public, the government is seeking public consultation from all stakeholders till August 17.

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