'India targets $26 bn defence industry by 2025'

Bangkok: India was committed to achieve $26 billion defence industry by 2025, said Defence Minister Rajnath Singh, here on Monday.

Addressing a business seminar 'India Rising', organised by the Indian Chamber of Commerce at the Defence & Security Exhibition 2019, he exhorted defence manufacturing companies to join the 'Make in India' initiative.

Under the Draft Defence Production Policy 2018, the Indian government eyes $5 billion defence exports by 2025. "On the one hand this target is ambitious, but at the same time it's encouraging that India's defence exports have grown almost six-fold in the last two years," he said.

$10 billion investment in aerospace and defence goods and services was expected by 2025, which could provide employment to two-three million people, he said.

Singh stressed the government's resolve to promote self-reliance in defence through the five I's -- Identification, Incubation, Innovation, Integration and Indigenisation.