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 8 July 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.
India’s defence exports in 2020-21 stood at Rs 13,000 crore, Sanjay Jaju, additional secretary (defence production), said. 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.
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.
