India has set a target of exporting military equipment worth USD five billion by 2025, Defence Minister Rajnath Singh said here on Monday, inviting global defence majors to be part of India growth story.
In an address at a seminar on 'India rising', he said the Modi government was committed to make the country a major hub of defence manufacturing and transform it into a USD 26 billion industry in the next six years.
Singh said USD 10 billion investment in aerospace and defence goods and services was expected by 2025 which could provide employment to 2-3 million people.
He is in Bangkok primarily to attend the ASEAN Defence Ministers' Meeting-Plus (ADMM-Plus) grouping, a platform comprising ASEAN and its eight dialogue partners including India.
The defence minister said a new policy for transfer of technology (ToT) was being formulated to simplify the process to transfer technology developed by DRDO to the industry.
He said more than 900 ToT licensing agreements had been signed with ...
