New Delhi: The Union Government on Monday informed the Rajya Sabha that it has set a target of defence manufacturing worth Rs 1,75,000 crore which also includes the export of defence equipment worth Rs 35,000 crore by 2024-25. The information was shared in the Upper House of the Parliament by Minister of State for Defence Ajay Bhatt.
In reply to a question, the MoS said that the value of defence equipment manufacturers in 2021-22 was Rs 86,078 crore while the amount was Rs 88,631 crore in 2020-21 and Rs 63,722 crore in 2019-20. The Union Minister also said that in 2018-19 the figure stood at Rs 50,499 crore while in 2017-18 it was Rs 54,951 crore.
" A target of achieving defence manufacturing worth Rs 1,75,000 crore which also includes the export of defence exports worth of Rs 35,000 crore by the year 2024-25," said Bhatt. He further stated that in 2021-22 the value of defence exports was Rs 12,815 crore and the figure stood at Rs 13,398 crore as on March 6 in the current fiscal.
As for the modernisation of the armed forces to meet future challenges, the Union Minister said that it is a continuous process based on long-term integrated planning. He also said that the annual acquisition plan is formulated on a yearly basis based on inputs received from the armed forces and on identified threats as well as inter-service prioritisation and emerging technologies.
He further stated that there has been a consistent increase in the share of the capital acquisition budget, the MoS said an amount of Rs 1,24,408.66 crore has been earmarked for capital acquisitions in the financial year 2022-23, which has been increased to Rs 1,32,727 crore for the year 2023-24.
"Further, the DRDO has undertaken 50 mission mode and technology development projects worth Rs 23,722 crore in the last three years for the development of indigenous weapons and technologies," added Bhatt.
