Defence Minister Rajnath Singh has said that the country is on a transformative journey of structural reforms, particularly in manufacturing. He said, India is now the fourth-largest economy and the fastest-growing economy in the world.
Addressing the India-Australia Defence Industry Business Round Table in Sydney today, Mr Singh said the defence production ecosystem is being continuously liberalised through policy interventions and simplification of compliance mechanisms.
The Minister said that the country’s defence production touched one lakh 51 thousand crore rupees last financial year, with an 18 per cent increase from the previous year.
The Minister said, the country’s defence exports have also reached 23 thousand 622 crore rupees, and Indian companies are currently exporting to nearly 100 countries. He said, India, with its robust shipbuilding capabilities, diverse manufacturing base and a growing ecosystem of private sector innovators and start-ups, stands ready to be a trusted partner.
The Defence Minister underlined that initiatives such as Make in India, Production Linked Incentive schemes and digital transformation have created an enabling environment for innovation and investment.
Mr Singh invited the Australian business community to invest, collaborate, and innovate with India. He said India and Australia can develop cutting-edge technologies, build advanced platforms together.
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