Union Minister of State for Defence Shripad Naik has said that Indian Defence and Aerospace industry is on the threshold of transformation, under the several initiatives of Government to promote ‘Make in India’ and ‘Atmanirbhar Bharat’ Abhiyaan.
Mr Naik was delivering his inaugural address at the Fifth Edition of the Conference on Aerospace and Defence Manufacturing Technologies in New Delhi yesterday. The theme of the conference was Empowering India with ‘Aatmanirbhar Bharat Mission’.
Mr Naik exhorted that the Indian Aerospace and Defence Industry has to rise to the occasion to shoulder greater responsibility in making the nation self-reliant in Defence Production and achieve 26 billion US Dollar domestic production by 2025. The target is the stated objective of the Defence Production Policy. He said, in recent years, the defence sector has grown extensively.
It has increased at a Compound Annual Growth Rate of 9.7 per cent from 2008 to 2016, reaching current levels of 42.83 billion US dollars in the year 2017-18. He further said, the Aerospace and Defence industry in India is estimated to reach around 70 billion dollar by 2030.
The webinar was jointly organized by Tamil Nadu Technology Development and Promotion Centre, Society of Indian Defence Manufacturers and the Confederation of Indian Industry.
Source: News On Air