Finance
By: Shree1news, 22 FEB 2021
The Prime Minister, while addressing the webinar on efficient implementation of budget provisions within the defence sector, outlined that India is manufacturing defence equipment to more than 40 nations.
Prime Minister Narendra Modi on Monday outlined that the nation now has to step out from an import-dependent status and fast track its defence manufacturing capabilities as third-world nations with relatively small economies will look forward to India for their defence needs.
“The changes in the world order that we’re observing have made smaller nations aware of the need to strengthen their defence. Defence is one of the primary considerations for these countries. It’s natural for these nations to look forward to India to help these nations strengthen their defence capabilities,” the Prime Minister mentioned.
PM Modi further added, “We have the ability of low-cost manufacturing and we are also in a position to deliver quality products. We’re playing an necessary role via our rising defence manufacturing sector and there are opportunities to further assist these nations with our defence equipment manufacturing abilities.”
The Prime Minister, whereas addressing the webinar on efficient implementation of funds provisions within the defence sector, outlined that India is manufacturing defence tools to more than 40 nations. He mentioned that the focus should be on making India one of the largest defence exporters.
He highlighted that startups and medium and small enterprises (MSMEs) are working hard to provide the requisite tools wanted to achieve these targets. “MSMEs are the spine for larger industries. Reforms launched by the governments are empowering the MSME sector and are now encouraged to expand their operations,” he mentioned.
PM Modi mentioned that MSMEs add firepower to all of the industries. He additional added that the defence corridors that are being built across the nation are empowering local manufacturers.
Earlier in the day, defence minister Rajnath Singh mentioned that India is focusing on bringing a turnover of ₹175,000 crore via defence export. “The ministry of defence aims to achieve a turnover of ₹175,000 crore ($25 billion) including export of ₹35,000 Crores ($5 billion) in aerospace, defence goods and services by 2024,” Singh was quoted as saying by news agency ANI.
Singh also said that steps are being taken to reduce the time for defence acquisition. He mentioned, “The ministry can also be working on reducing the delays in timelines of capital acquisition. We’re making efforts to complete defence acquisition within two years, instead of the present practice of three to 4 years being taken on the average.”
India’s defence sector received a hike of 1.4% along with a 19% rise in capital outlay for military modernisation in the Union Budget tabled earlier this month. Allocation for defence services was increased to ₹4.78 lakh crore compared to ₹4.71 lakh crore within the 2020-21 budget
Source:A-N
