India’s $26 billion defence target
October 1, 2019 - The Indian government plans to invest US$10 billion in the creation of two defence industry corridors in the north and south as part of the development of a $26 billion defence industry by 2025.
Defence Minister Rajnath Singh has identified the defence sector as one of “the most prominent sectors” under the government’s “Make in India” initiative.
This cross-sector manufacturing drive, he said, is aimed at India achieving a $5 trillion economy by 2024.
He said that a $10 billion investment in aerospace and defence goods and services by 2025 would also employ about 2-3 million people, and lead to a military exports target of $ 5 billion.
Two defence corridors in Uttar Pradesh and Tamil Nadu will create 350,000 jobs and boost nine state-owned companies -- the Defence Public Sector Undertakings (DPSUs) -- and a network of 41 ordnance factories, 50 research facilities, some 70 private defence companies and double the number of Micro Small, and Medium Enterprises (MSME) to 16,000.
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