New Delhi: Defence Minister Rajnath Singh said on Saturday that with the current reforms implemented by the Centre, the Indian defence and aerospace sector is expected to grow to Rs 5 lakh crore by 2047, up from Rs 85,000 crore now. Singh said that the private sector will play a significant role in achieving this goal.

Addressing the FICCI's Annual Convention and 94th Annual General Meeting on the theme 'India Beyond 75,' Singh stated that the government is working to expand the Positive Indigenization List of 208 items to 1,000 items in order to promote domestic companies under Atmanirbhar Bharat.

"During this decade, we will increase the number of items on the Positive List for Indigenization from 209 to over 1000. The government now considers the private sector to be a partner in achieving the goal of Atmanirbhar Raksha Utpadan "He was emphatic.

The defence minister assured the industry of full government support, saying that the government's role is that of a facilitator. "The government is committed to increasing the budget outlay for Indian industry defence procurement," he said. Singh also stated that, in the future, India will prioritise domestic production of defence equipment and platforms. He invited global companies to invest in India's defence and aerospace sectors, saying, The Defence Minister emphasised the government's initiatives to increase private sector participation and global companies, saying, "The Indian defence industry has recognised that the time has come for it to take flight on higher trajectories. The corporatization of OFB is likely the most significant reform in the defence production sector since independence."

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