Govt Aims To Achieve Export Target Of Rs 35,000 Cr By 2024-25: Rajnath Singh At MSME Conclave

Self-reliance in the defense sector has become the utmost priority of the government in view of the ever-changing security scenario, said Singh.

New Delhi: Promoting Indian exports is the topmost priority of the Government of India and the country should become a net exporter instead of a net importer, said Defense Minister Rajnath Singh, adding that the government aims to achieve the export target of Rs 35,000 crore by 2024-25. 

Speaking at the SIDM MSME Conclave-2021, the minister said that Ministry of Micro, Small and Medium Enterprises (MSMEs) are already playing an important role in the defense sector. “I believe this conclave will help our MSMEs in their overall growth by bringing them on an excellent platform in the defense production sector, making them aware of new opportunities,” said Singh.

“The SIDM family, which started with just a few members, has crossed the 500-member mark today. Also, MoUs signed for investment promotion with authorities such as UPEIDA, clearly show the vision and approach,” he said.

The minister further said that today, when self-reliance in the defense sector has become the utmost priority of the government in view of the ever-changing security scenario, it is the most opportune time to move forward to unleash the full potential of MSMEs in the sector.

Government of India recently took several initiatives and policy reforms to promote indigenous design, development and manufacturing of Defense and Aerospace Equipment in the country under 'Make in India' by harnessing the capabilities of public and private sector especially MSMEs, he said. 

Presently, India is exporting defense to around 70 countries and according to Stockholm International Peace Research Institute (SIPRI), 2020 report, India is in the list of top 25 countries in defense exports.

In order to encourage start-ups and MSMEs, the Defense Ministry has approved a central sector scheme for iDEX with a budgetary support of about Rs 500 crore for the next five years, said the minister.

“There are several steps such as Srijan Portal, Strategic Partnership Model, which have been taken with the aim of promoting our industries. It is obvious that our MSMEs will also be benefitted,” said Singh.

“Today, as we celebrate the 'Amrit Mahotsav' of our Independence, there is no other better opportunity than this, to once again reiterate our 'Make in India' resolve. The results of the steps taken by the government are in front of us today. As I said in the beginning, SIDM with more than 500 members is the result of these policies,” Singh added.