Indian Economy News

India's defence exports will rise up to US$ 4.86 billion (Rs 40,000 crore) by 2026: Mr. Rajnath Singh

  • IBEF
  • March 29, 2023

According to Union minister Mr. Rajnath Singh, India will be exporting defence goods worth US$ 4.25 to US$ 4.86 billion (Rs 35,000 to Rs 40,000 crore) by 2026. The defence minister was addressing the Field Marshal Sam Manekshaw memorial lecture on 'The Role of Youth in Nation Building,' which was hosted by Symbiosis International University.

He also added that India used to do defence exports of only Rs 900 crore in 2014, but after launching the Indianization (project), the defence exports rose from US$ 1.82 to US$ 1.94 billion (Rs 15,000 crore to Rs 16,000 crore).

He also stated that “There is a need to create an eco-system, and more than the eco-system, there is a need to generate self-confidence among ourselves, as with self-confidence, anything is possible". Moreover, he expressed pride in the defence forces, which are currently covering 80% of their needs through indigenous procurement.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.