The defence ministry is looking at an export target of Rs 2.6 lakh crore by 2047 when India reaches its 100th year of independence, top sources in the government told News18. The government is also aiming for full indigenisation and self-reliance in the defence sector by that year.
This was discussed in a meeting chaired by defence minister Rajnath Singh on Friday on targets to be achieved by India by 2047 as part of the Narendra Modi government’s Vision@2047. Other major targets discussed at the meeting were increasing the number of micro, small and medium enterprises (MSMEs) in the defence sector to 45,000 from 15,000 at present.
Government sources said what also featured in the discussions with the minister was increasing India’s current market share in the space economy to 15 per cent by 2047 from the current two per cent. They added that India is aiming to be a $1 trillion market by 2047, and this will involve a big investment in the space startup ecosystem.
India’s defence exports in 2020-21 stood at Rs 13,000 crore, Sanjay Jaju, additional secretary (defence production), said on Friday. The Rs 2.6 lakh crore target by 2047 would hence amount to increasing the exports by nearly 20 times, the top source in the government said.
“Increasing defence exports continues to be the top priority of the government and a target of Rs 35,000 crore to Rs 40,000 crore by 2024-25 has been fixed,” the source added. The export of the LCA Tejas of HAL and Brahmos supersonic cruise missiles are the two major focus areas for exports with multiple countries showing interest in them.
The defence ministry is also working on a defence production and export promotion policy, which is learnt to be in its final stages. India is looking at exporting Advanced Light Helicopters Mark III to the Philippines and the Light Combat Aircraft Tejas to Malaysia. The talks between the two countries are at an advanced stage.
India has offered to set up a production line to manufacture LCA and choppers in Egypt, and plans to explore the African market for exports, the source quoted earlier told News18. India also recently inked a $375 million deal for the supply of the BrahMos supersonic cruise missiles to the Philippines. Indonesia is also a potential customer for the Brahmos and talks are ongoing between the two countries.
Ten sectoral groups of secretaries (SGoS) spanning all sectors have been working on preparing a set of targets and a roadmap to achieve them by 2047. One of the sectoral groups is on security and foreign affairs. This is the Modi government’s big roadmap for India’s 100th year of Independence.
Indian defence exports have grown almost six times from Rs 1,500 crore to Rs 9,000 crore in the past five years, in which the participation of the private sector stands at 90 per cent, as per ministry of defence data. These exports are broadly going to 84 countries. A Stockholm International Peace Research Institute (SIPRI) report of 2020 stated that India stands in the list of the top 25 countries in defence exports.
