India has set a target of Rs 1.75 lakh crore turnover in defence manufacturing by 2025, Defence Minister Rajnath Singh said Tuesday, noting that boosting domestic production of military equipment is a major focus of the government.
In an address at an event, he said the government has set aside around Rs 85,000 crore in this year's defence budget for procurement of military equipment from domestic firms as part of efforts to support the domestic defence industries.
Singh said the defence ministry has already put out three lists comprising 309 defence items which will not be imported under a staggered timeline. He also highlighted the strategic partnership model for defence production that is aimed at encouraging production of fighter jets, military helicopters, tanks and submarines in the country.
"We just have to keep walking, keep going without getting tired," he said at the annual general meeting of the Society of Indian Defence Manufacturers (SIDM). Talking about the Indian economy, the defence minister said the country received a total of USD 83.57 billion inflow of foreign direct investment in the last fiscal which he said is a "record".
"The whole world is keen to invest in India as the country has emerged as an attractive investment destination," he said. "It shows that now is the time to move ahead at a much faster pace," Singh added.
(With PTI inputs)