India has set the target to reach USD 26 billion in defence production by 2025 by encouraging private sector participation in the defence and homeland security sectors, said Union Defence Minister Rajnath Singh. He was speaking at the 22nd India International Security Expo, 2019, organized jointly by India Trade Promotion Organization (ITPO) and the PHD Chamber of Commerce and Industry (PHDCCI) at Pragati Maidan last week in Delhi.
In his speech, Rajnath Singh emphasized that India’s defence sector has been identified as one of the most promising sectors under the “Make in India” mission to achieve USD 5 trillion economy by 2024-25. “The Ministry has taken many steps to boost MSMEs in the defence sector and liberalized industrial licences,” he further added.
The Expo 2019 had participants and delegates representing the Centre, and state governments, delegates from 12 countries, armed forces, paramilitary forces, state police, among others, along with significant participation form industry stakeholders from across the world.