India Sets Rs 3 Lakh Cr Defence Export Target By 2029: Minister Seth

New Delhi, Jun 11 (KNN) Minister of State for Defence Sanjay Seth announced on Tuesday that the central government has established a target of Rs 3 lakh crore in defence sector exports by 2029.

Speaking at a press conference, Seth outlined the government's ambitious plans for expanding India's defence manufacturing capabilities.

The minister noted that India's international perception has shifted significantly from being viewed primarily as an importer to becoming a leading exporter of defence materials.

According to Seth, the country now exports defence equipment to at least 92 nations worldwide, marking a substantial transformation in its global trade profile.

Seth highlighted various developmental achievements attributed to the current administration over the past 11 years.

He stated that more than 27 crore people have been lifted out of poverty during this period, while digital payment systems have become widespread, reducing dependence on cash transactions for daily commerce.

The minister also referenced infrastructure developments, claiming that nearly every village has been connected through road networks.

He cited the construction of 34 kilometres of National Highways daily as an indicator of the government's infrastructure expansion efforts.

On economic performance, the minister stated that India has become the fourth largest economy globally, surpassing Japan. He referenced predictions by economists suggesting that India could overtake Germany by 2027 to become the world's third largest economy.

The announcement comes as India continues to focus on defence manufacturing under its ‘Make in India’ initiative, aiming to reduce import dependence while expanding its presence in international markets.

(KNN Bureau)