India is witnessing transitional phase toward self-reliance in defence sector, says Rajnath Singh

Defence Minister Rajnath Singh has said India is witnessing a transitional phase towards self-reliance in defence sector. Mr Singh said senior officials of defence PSUs should work together to ensure that their companies are among world’s best. Speaking at an event, Mr Singh said the defence ministry has set a target of 1.75 lakh crore rupees of defence production by 2025, which includes export of  35,000 crore rupees.

He exuded confidence that the defence public sector undertakings (PSUs) will play a major role in achieving this goal with a contribution of 70-80 per cent, urging chairman and managing directors and non-official directors to work hand in hand to ensure that their companies find a place among world’s best in different fields. Mr Singh listed various initiatives taken by the defence ministry to achieve self-reliance, including simplification of acquisition process of defence equipment and platforms under Defence Acquisition Procedure 2020 and an increase in FDI limit to 74 per cent under automatic route and up to 100 per cent under government route.