Bengaluru, Feb 5 (IANS): The growth of the country's aeronautics sector will double from Rs 30,000 crore to Rs 60,000 crore by 2024, Defence Minister Rajnath Singh said on Friday.
Speaking at the valedictory function of the 13th edition of AeroIndia here, Singh said the Indian aerospace industry, both military and civil, stood uniquely poised on the threshold of catapulting itself into the global arena.
At the ongoing AeroIndia 2021, at least 128 MoUs and 19 transfers of technology were signed, and 32 major announcements were made along with 18 product launches. Further, 45 MSMEs participating in AeroIndia have already bagged orders worth Rs 203 crore.
"India has a great potential to emerge as a global and regional MRO (maintaince repairs and overhaul) hub given the cost competitiveness of its manpower resources, the availability of abundant, specialist capabilities and geographical advantages," he said.
The Defence Minister also said that India much achieve the targets of domestic defence production of $25 billion and exports of $5 billion by 2025.
He said that in the last five years, defence exports grew from Rs 2,000 crore to Rs 9,000 crore and the majority of these exports has been spearheaded by the private sector.
While maintaining that a robust domestic manufacturing base relates directly to the potential for defence exports, the minister said, "We plan to move from a $11 billion defence base to $25 billion by 2025. We further intend to create an export component of $5 billion.
"We realise, appreciate and understand that in a highly specialised and technology driven environment, a collaborative, cooperative and collective approach to defence production and exports is the way forward."
President Ram Nath Kovind, who was the chief guest at the closing ceremony of AeroIndia, said the event has exhibited that global confidence in India's capabilities is growing steadily.
"We have taken a number of policy initiatives aimed at placing India among the top nations in the defence sector with the twin objectives of self-reliance and export promotion," Kovind said, adding that "our vision is to create a robust economy and infrastructure alongside developing competitive supply chains and integrate them globally".
Earlier in the day, speaking during the 'iDEX - Startup Manthan' organised at AeroIndia, Singh had said that 60 winners out of more than 1,200 startups and innovators who participated in the Defence India Startup Challenge (DISC) have received grants of up to Rs 1.5 crore each to build prototypes.
The annual flagship event was organised on the final day of AeroIndia 2021.
Singh also said that 45 MSMEs participating in AeroIndia have already received orders worth Rs 203 crore.
The minister asked the Defence Ministry officials to consider increasing the finances available to the Innovation for Defence Excellence (iDEX) startups.