The Indian aerospace and defence industry has to rise to the occasion to shoulder greater responsibility in making the country ''self-reliant'' in defence production towards reaching the goal of USD 25 billion domestic production by 2025, he said at an event.
"The government has set up defence industrial corridors in Tamil Nadu and Uttar Pradesh.
These corridors will act as a well planned and efficient industrial base that will lead to increased defence production in the country," he said at a conference organised by CII and Society of Indian Defence Manufacturers.
The Minister said defence industrial corridors in the two states would catalyse indigenous production of defence and aerospace related items, reducing the country''s reliance on imports and promoting exports to other countries.
The move would reinforce India''s goal to achieve self-reliance in defence, generation of employment, growth of private domestic manufacturers, MSMEs and start ups, he said.
Noting that the global aircraft maintenance, repair and operations (MRO) is a ''multi-billion dollar industry'' growing at a robust rate, he said the Indian aircraft maintenance market was yet to "catch up."
"The Indian MRO market is estimated at USD 800 million and is growing at about 8 per cent annually against the 4 per cent world average," he said.
The aerospace and defence market has tremendous growth potential to be ''globally competitive'' and further develop into a leading hub and a net exporter for manufacturing, technology development and services, he said.
In recent years, the defence sector has grown to USD 42.83 billion in 2017-18 with a compounded annual growth rate (CAGR) of 9.7 per cent between 2008 and 2016.
"The (domestic) aerospace and defence industry is estimated to reach around USD 70 billion by 2030," he said.
The defence and aerospace industry is on the ''threshold'' of transformation under the initiatives of the Government of India to promote Make in India and AtmaNirbhar Bharat Abhiyaan, he added.PTI VIJ BN WELCOME BN WELCOME
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI