The department of defence production has set itself a target of producing equipment worth Rs. 90,000 crore in the financial year 2019-20.
Around 12 percent higher than the production achieved in the financial year 2018-19 of worth Rs 80,502 crore.
Also, the department has expected exports worth Rs 15,000 crore from the total quantity of equipment produced as against exports of Rs 10,745 crore worth in the financial year 2018-19.
Speaking at a seminar on modernisation and indigenisation of the IAF in New Delhi on Tuesday, Defence Minister Rajnath Singh had stressed upon the need to reduce dependency on defence imports. He had also said that India continues to be one of the largest importers of defence equipment in the world.
Defence production in India has grown from Rs. 74,121 crore in the year 2016-17 to Rs. 80,502 crore in 2018-19. In the year 2017-18, defence production in India had touched Rs. 78,817 crore.