Defence Minister Rajnath Singh on Monday said that the Centre will make efforts to complete the pending defence acquisitions within two years and to promote private participation in the defence sector.
Addressing a Webinar on ‘Budget Announcements 2021-22’, Singh said,” Government of India has brought many reforms in last 6 years. There is a clear focus of the government on ‘Ease of Doing Business’ to encourage foreign Original Equipment Manufacturer (OEMs), to set up manufacturing units in India, develop joint ventures and promote private participation in the defence sector.”
“Ministry is also working on bringing down the delays in timelines of capital acquisition. We will make efforts to complete the defence acquisition within 2 years, instead of the existing 3-4 years being taken on the average,” Defence Minister added.
Over the implementation of Union Budget provisions in the Defence Sector, Rajnath Singh said, “Ministry of Defence aims to achieve a turnover of Rs 1,75,000 Crore (USD 25 billion) including export of Rs 35,000 Crores (US$ 5 Bn) in aerospace and defence goods and services by the year 2024.”
The Union Budget for the year 2021-2022, stands out as a unique initiative of our government, the Defence Minister said and added that “It brings a healthy mix of promise, potential and progress. Its forward-looking agenda provides support for the defence and security of the country.”
He further said that the pandemic was a severe setback to economic growth in the general and the industrial sector in particular. “The impact was felt more by MSME’s, given the challenges of disruption in supply chains and liquidity,” Rajnath Singh said.