India witnessing transitional phase towards self-reliance in defence sector: Rajnath Singh

New Delhi: India is witnessing a transitional phase towards self-reliance in defence sector and senior officials of defence PSUs should work together to ensure that their companies are among world’s best, Defence Minister Rajnath Singh said on Wednesday. According to a defence ministry’s statement, Singh said in his speech at an event here that the defence ministry has set a target of Rs 1.75 lakh crore of defence production by 2025, which includes export of Rs 35,000 crore. He exuded confidence that the defence public sector undertakings (PSUs) will play a major role in achieving this goal with a contribution of 70-80 per cent, urging CMDs (chairman and managing directors) and NODs (non-official directors) to work hand in hand to ensure that their companies find place among world’s best in different fields, the statement said. Singh listed out various initiatives taken by the defence ministry to achieve self-reliance, including simplification of acquisition process of defence equipment and platforms under Defence Acquisition Procedure 2020 and increase in FDI limit to 74 per cent under automatic route and up to 100 per cent under government route. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.