New Delhi

Defence Products’ Exports to Exceed Rs 35,000 Crore Target by 2024-25

Author : Odisha Today Bureau | Posted on: 2019-07-15

With the growing trend of shipments in recent years, exports of defence products will exceed the Rs 35,000 crore target by 2024-25, an official said. "I expect the exports will surpass the target of Rs 35,000 crore by 2024-25," Defence Production Department Secretary Ajay Kumar told media sources.


He added that defence components are key drivers while he was in Kolkata to promote private sector participation in defence production and to inaugurate a facilitation centre for the defence production at Bharat Chamber of Commerce.


"Defence exports had been growing exponentially. It is like a big rock, which is hard to move, but once it starts rolling, it only gains momentum," he said.


Last fiscal, exports were about Rs. 10,700 crore and in 2019-20, the Centre set a target of Rs. 20,000 crore. In the first quarter of the current fiscal, exports worth Rs. 5,600 crore had already been recorded," he said. Exports were just worth Rs. 1,500 crore in 2016-17 and Rs. 4,500 crore 2017-18, he said.


Ordnance Factory Board had decided that it would not seek capacity verification for almost 90 per cent of the products barring some of the sensitive items. OFB and defence PSUs are planning to outsource about 3000 items which will give boost to MSMEs sector, Mr Kumar said.


Mr Kumar stated that the government had been taking several steps to encourage the private sector, MSMEs in particular, in defence production under the existing production policy and some "notable changes" had been brought in the recent policy.


The government had also allowed suo-motu defence products development and production. "Six to seven suo-motu proposals had already been accepted," Mr Kumar said.


Traditionally, the Defence department used to float tenders for products that it decided to procure, but now the government has allowed private sector to pitch for useful products that they have developed.

Leave A Comment

Odisha Today Talks to Sri Nishikanta Mohapatra, Convenor, AA...
Destruction by Cyclone "Fani"--Utkal University, O...
Odisha Today Talks to Sri Nishikanta Mohapatra, Convenor, AA...
Destruction by Cyclone "Fani"--Utkal University, O...
Odisha Today Talks to Sri Nishikanta Mohapatra, Convenor, AA...

International News

You May Also Like

News Poll

Is the corporate tax cut declared by FM Sitharaman sufficient to ward off the present slowdown in the economy?

A) Fully sufficient
B) Not helpful
C) Somewhat helpful
D) Cannot say

News Updates

Covid 2nd Wave Declining in Delhi, Lockdown was Su
Centre Warns Supreme Court of ‘Overzealous Judic
Give India Resources to Make Vaccines, Says Anthon
Odisha Govt to Float Global Tender for Covid Vacci
ED Registers Money Laundering Case Against Ex-Maha
PM Modi Salutes Hardwork of Scientists on National
Congress Leaders Will Be Remembered for Duplicity,
Himanta Biswa Sarma Sworn-in as Assam’s New Chie
CM Mamata Banerjee Expands Cabinet, Inducts 43 Min
Rahul Slams Centre Over Foreign Aid Amid Pandemic
No Judicial Interference Needed, Trust Wisdom of E
India Sees Dip in Covid-19 Infections, Records 3.6
GST Exemption May Lead to Price Hike of Vaccines:
Himanta Biswa Sarma to Take Oath as 15th Assam CM
Assam BJP Leader Himanta Biswa Sarma Meets Party C
Assam BJP Leader Himanta Biswa Sarma Meets Party C
Union Health Minister Harsh Vardhan Assures CM Mam
Need 3 Core Doses, Got 40 Lakh Till Now, Says CM K
EAM Jaishankar Boycotts High-level, Ministerial Se
Tamil Nadu Announces 14-day Complete Lockdown from

Bhubaneswar (Ekamra) Assembly Constituency BJP Candidate Bab...
Bhubaneswar (Ekamra) Assembly Constituency BJP Candidate Bab...