Aiming to join the ranks of global leaders in arms production, India is to soon unveil the Defence Production Policy 2018. The policy, which aims to achieve a turnover of ₹1,70,000 crore in defence goods and services by 2025, and an export target of ₹35,000 crore, is expected to be tabled soon.
As India relies on imports to meet 70 per cent of its defence requirements, and has reportedly spent over $100 billion in the last decade to buy arms and weapons, the broad framework of the policy is set to promote domestic production by the public sector, private sector and MSMEs.
“The Ministry is looking to boost MSMEs and start-ups as well as enhance defence exports. Even the DPP 2016 granted micro, small and medium enterprises the first right to undertake projects, where prototype development in government funded defence projects was not in excess of ₹10 crore,” said a Ministry official. Read More