The aero components sector in the country is set to double from ₹30,000 crore today to ₹60,000 crore by 2024, according to Defence Minister Rajnath Singh. On the last day of Aero India here on Friday, Mr. Singh said the government’s endeavour to bring down defence imports by at least $2 billion by 2022 would remain.
“We have signed 128 Memorandums of Understanding (MoU), 19 Transfer of Technology (ToT), four handing overs, 18 product launches and 32 major announcements, totalling a grand figure of 201 feats. Further, of the 45 Micro, Small and Medium Enterprises (MSME) participating in Aero India, 21 have bagged orders worth ₹203 crore. This is a major achievement,” he stated.
President Ramnath Kovind visited the show on the last day, witnessed an air display and addressed the gathering.
Talking of domestic defence manufacturing, Mr. Singh said that between 2016 and 2019, 138 proposals worth over $37 billion for domestic manufacturing had been approved.
“India has a great potential to emerge as a global and regional Maintainance, Repair and Overhaul (MRO) hub, given the cost competitiveness of its manpower resources, the availability of abundant, specialist capabilities and geographical advantages,” he observed.
“The aerospace sector has an important role to play, if we have to reach our targets of domestic defence production of $25 billion and exports of $5 billion by 2025”, he noted.