Aim To Bring India Among Top Countries In Defence Sector, Says Rajnath Singh
Mumbai: Defence Minister Rajnath Singh said on Friday that the government aims to bring India among the top countries of the world in the field of defence.
Addressing the launch ceremony of seven new defence companies, he said, “Our aim is to bring India among the top countries in the defence sector in the world from design to production and export with the active participation of public and private sector.”
Singh said that taking forward our resolve of ‘Self-reliant India’, the Government of India has taken a historic decision to replace the Ordnance Factory Board (OFB), a subordinate office of the Ministry of Defence into seven new 100 per cent government-owned corporate entities with professional management.
“Today, seven new Defense Public Sector Undertakings (DPSUs)—MIL, Avani, AWE, TCL, YIL, IOL, GIL– are being dedicated to the nation to drive remedial change. Better opportunities for us To our new objectives” said the Defense Minister,
He further said that the Defense Ministry has set a target of achieving a turnover of Rs 1,75,000 crore by 2024.
“Today the defence sector is moving fast on the path of ‘self-reliance’ and ‘Make for the world’. The Defense Ministry has set a target of achieving a turnover of Rs 1,75,000 crore by 2024 in aerospace and defence goods and services, including exports of Rs 35,000 crore,” said Singh.
As part of the corporatization of ordnance factories, the central government is launching seven new companies. The government is converting Ordnance Factory Board (OFB) into corporate entities.
These seven new defence companies will have 66 firm contracts worth Rs 65,000 crore from the three services and paramilitary forces. The new companies are – Advanced Weapons and Equipment India Limited, Troop Comforts Ltd, Avani Armoured Vehicles, Munitions India Limited, India Optel Limited, Gliders India Limited, Yantra India Limited.
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