Gandhinagar, October 20: The current era is a "golden period" of the Indian defence sector, said Defence Minister Rajnath Singh at DefExpo in Gandhinagar on Thursday.
Singh was speaking at 'Invest for Defence', the event organised during the 12th edition of DefExpo. The event has been added to the Defence Expo from this edition onwards.
According to the Ministry of Defence, the event was organised to promote investment in the defence sector in the country by both the Indian industry and foreign original equipment manufacturers. It will also highlight the requirements of the armed forces and policy reforms undertaken by the government for ease of doing business in the defence sector.
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"We have to create healthy environment for our investors that will not only give them good returns but also give them recognition in domestic and global markets," Singh said.
To boost the domestic domestic sector, the Minister said the government has allocated capital acquisition for defence procurement .
"The Government is aiming to increase Defence production from 12 billion US dollars to 22 billion US dollars by the year 2025. We are making all efforts to protect our domestic industry from unfair foreign competition in the domestic market. Simultaneously, we are making efforts to get market access for domestic business in foreign countries so they can capture markets outside India," he said.
Singh said, "Our defence industry is going through an important phase. Our industry has showcased its capabilities by manufacturing fighter aircraft, aircraft carriers, main battle tanks and attack helicopters. The current era is a golden period of the Indian defence sector," he said.
These projects, the Defence Minister said has helped to create an ecosystem and achieve valuable experience. This experience will help future generations to suport and develop the defence system, he added.
The event also featured a panel discussion between the industry stalwarts and the MoD and Armed Forces leadership.
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It witnessed participation from domestic and foreign institutional investors.
-PTC News with ANI inputs