Rajnath Singh affirms 'India to achieve defence export target of Rs 35,000 cr by 2024-25'

With the Centre giving nod to the production of over five lakh AK-203 assault rifles at Korwa in Amethi, Defence Minister Rajnath Singh on Saturday added that Defence Ministry has approved a central sector scheme for iDEX with a Rs 500 crore budget for the next 5 years from 2021-22 to 2025-26. Speaking at MSME Conclave, the Defence Minister also added that 'promoting Indian exports is the topmost priority of the government of India'. In a boost to India's self-reliance initiative, the central government approved the plan for the production of over five lakh AK-203 assault rifles under the 'Make In India' endeavour. The government is aiming to achieve the defence export target of Rs 35,000 crores by 2024-25:

A central sector scheme for iDEX will provide financial aid to 300 start-ups /MSMEs/ individual innovators and 20 partner incubators through DIO, added the Defence Minister.

Rajnath Singh also added that the purchasing cost will not be more than Rs 100 crores/year or the total value is less than Rs 150 crores, to encourage start-ups/MSME.

India enhancing defence sector with Assault Rifles manufacturing

The planning for production of over five lakh AK-203 assault rifles will replace in-service INSAS Rifle inducted over three decades back. AK-203 Assault Rifles, with an effective range of 300 meters, are lightweight, robust and easy to use Modern Assault Rifles with proven technology that will enhance the combat potential of soldiers to adequately meet present and envisaged operational challenges. They will enhance the operational effectiveness of the Indian Army in Counter Insurgency/Counter-Terrorism operations.

The project will be performed by a special purpose Joint Venture called Indo-Russian Rifles Private Ltd (IRRPL) and has been created with erstwhile OFB [now Advanced Weapons and Equipment India Limited (AWEIL) and Munitions India Limited (MIL)] of India and Rosoboronexport (RoE) and Kalashnikov of Russia. The rifles will be delivered to the army 32 months after the production process begins.

Image: PTI