India exports more than 38,000 cr. in 7 years

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India exports more than 38,000 cr. in 7 years

India has exported defence items worth more than 38,000 crore in the past seven years and the country hopes to become an overall net exporter soon, Defence Minister Rajnath Singh said on Saturday. We have an estimated 85,000 crore industry of defence and aerospace. In his speech at the MSME conclave of the Society of Indian Defence Manufacturers, SIDM Singh urged the MSMEs to invest more in research and development as it would strengthen the nation's security.

He said that you should not think that just because of your small, you can't do great innovation.

He said that around 12,000 MSMEs have joined the defence industry due to the government's initiatives.

He noted that Defence exports from India have been more than 38,000 crore over the last seven years due to the government's initiatives.

Innovation, research and development and the number of startups have increased in the defence industry due to these initiatives, Singh said.

The minister expressed hopes that India will soon become a net exporter from a net importer, despite the government's focus on encouraging exports.

The government aims to achieve the export target of 35,000 crore by the year 2024 -- 25. India is exporting defence equipment to around 70 countries. According to Stockholm International Peace Research Institute 2020, India is in the top 25 countries in defence exports, he said.

He stated that the Indian Armed Forces supported the self-reliance initiative of the government.

He said that the number of contracts given to the indigenous defence industry has increased.

Singh accepted that big companies have a major role in defence manufacturing, but the reality is that the work of numerous small companies is hidden behind that of big companies.

He noted that the MSMEs provide the MSMEs with large defence platforms assembled from numerous small parts.

He said that the term 'industry' really means MSMEs as they are not only responsible for economic activities but also for societal progress.