By 2023, Defence Exports Will Cross Rs 19,000 Cr: Rajnath Singh

India has emerged as a self-assured and self-reliant nation which believes in working together for collective well-being but rejects interference in its internal matters, Defence Minister Rajnath Singh said on Friday in New Delhi.

Singh claimed that India has today positioned itself on the global high table under the leadership of prime minister Narendra Modi.

Referring to ‘Operation Ganga’ which was launched to evacuate over 22,500 Indians from conflict-hit Ukraine, he said, it was made possible after the Prime Minister spoke with the Presidents of Russia, Ukraine and the US.

India has become the fifth largest economy with a GDP of USD 3.5 trillion in the last 8.5 years. According to a recently published article on the global economic outlook, India will be the third largest economy after the US and China by 2027. India's GDP will increase to USD 8.5 trillion in the next ten years which clearly shows that India has become a centre of hope and confidence for the world, he said.

Referring to Aatmanirbhar Bharat, he said the government’s focus is on increasing the participation of the private sector for their as well as the nation’s growth while inviting foreign companies to ‘Make in India, Make for the World’.

He further said that the issuance of positive indigenisation lists of over 3,700 items have been issued to promote self-reliance and now defence exports crossed Rs 14,000 crore compared to Rs 900 crore in 2014.

He claimed that by 2023, defence exports will cross Rs 19,000 crore and we are well on course to achieve the target of Rs 25,000 crore worth of exports by 2025.

He also listed a number of procedural and structural reforms undertaken by the government over 8 years to strengthen the physical as well as the digital infrastructure of the country including Pradhan Mantri Jan Dhan Yojana, Direct Benefit Transfer, National Infrastructure Pipeline and Goods and Services Tax (GST).

He pointed out that a dynamic start-up ecosystem has been created in the country, in line with the Prime Minister’s vision of ‘Aatmanirbhar Bharat’. The number of registered start-ups in the country has seen a massive jump from just 400-500 in 2014 to over 80,000 in 2022. Over 100 have become unicorns, he said.

Due to the country’s strong economic condition, there has been a record Foreign Direct Investment (FDI) despite Covid-19. 2021-22 recorded the highest-ever FDI of USD 83.6 billion, he added.