Updated November 18th, 2019 at 20:25 IST
Rajnath Singh assures US$ 26 bn worth Defence Industry, sets timeline
Rajnath Singh assured that the Indian government is committed to working towards the achievement of a US$ 26 billion worth Defence Industry by the year 2025
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Defence Minister Rajnath Singh witnessed the Opening Ceremony of Defence & Security 2019 in Bangkok on November 18. In his address at the ‘India Rising’ Seminar at the ‘Defence & Security-2019’ Exhibition, he assured that the Indian government is committed to working towards the achievement of a US$ 26 billion worth Defence Industry by the year 2025.
“While the target is ambitious, it’s encouraging to know that India’s defence exports grew nearly 6 times over the past two years,” said Rajnath Singh
Addressed the ‘India Rising’ Seminar at the ‘Defence & Security-2019’ Exhibition in Bangkok today.
— Rajnath Singh (@rajnathsingh) November 18, 2019
Apprised the business community of @makeinindia initiative and the opportunities available to invest in India.
It is definitely the right time to invest and do business in India pic.twitter.com/fy6AjXp8YZ
He also apprised the business community about the initiatives and opportunities available in India for investment.
“Allocation for defence in India’s budget 2019-20 is around US$ 60 bn. Nearly 65% of parts, components, sub-systems of existing systems have been delicensed, India can now manufacture them and approximately US$ 3 billion worth of defence items are being manufactured by the domestic private sector,” added Rajnath Singh
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The objectives of ADMM
The ASEAN Defence Ministers’ Meeting is the highest defence consultative and cooperative mechanism in ASEAN. The ADMM aims to promote mutual trust and confidence through a greater understanding of defence and security challenges as well as enhancement of transparency and openness. The objectives of the ADMM are:
-To promote regional peace and stability through dialogue and cooperation in defence and security
-To give guidance to existing senior defence and military officials dialogue and cooperation in the field of defence and security within ASEAN and between ASEAN and dialogue partners
-To promote mutual trust and confidence through a greater understanding of defence and security challenges as well as enhancement of transparency and openness
-To contribute to the establishment of an ASEAN Security Community (ASC) as stipulated in the Bali Concord II and to promote the implementation of the Vientiane Action Programme (VAP) on ASC
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Published November 18th, 2019 at 14:38 IST
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