India''s annual defence exports to touch Rs 35,000 cr by 2024: Rajnath Singh

Defence Minister Rajnath Singh on Thursday projected that the annual Indian defense exports will touch Rs 35,000 crore by 2024 from the current level of Rs 17,000 crore Singh also said he has no doubt about India emerging as among the three major economies of the world by 2030 and the defense industries will have an important role to play.

"India's defense export is growing. In the last two years our export has been Rs 17,000 crore but keeping in view your (Hindustan Aeronautics Limited) capacity in the successive years, I can say that by 2024 Rs 35,000 crore I am confident about it," the Defence minister said at the Karnataka 'Rajyotsava' event organized at the HAL here.

The minister told the gathering that India can not remain dependent on imports for long and the Indian companies, especially defense public sector units, will have to play a major pro-active role in achieving the goal of 'Make In India's envisaged by Prime Minister Narendra Modi "We don't want to see India as an importing nation. Instead, based on your strength, I can say that India is sure to become an exporting nation.

Nobody can stop her," Singh said In this regard, he hailed the HAL for being among those Defence public sector units, whose performance in operations and finances was excellent.

"By March 2019, the company's turnover was Rs 19,705 crore and the HAL gave shareholders 198 percent healthy dividend," he said Singh was all praise for Kambala runner Srinivas Gowda who shot into the limelight covering 100 meters in 9.55 seconds at a traditional sporting event held at Aikala near Moodbidri in Karnataka recently.

Kambala is an annual race where people sprint 142m through paddy fields with buffalo He said there are many talents hidden in India who need to be brought out and HAL has a role in discovering them and providing them a platform to grow and prosper.

The minister also recalled the iconic personalities born in Karnataka right from Hindustani classical singersGangubai Hangal, Bhimsen Joshi, 12th-century social reformerBasaveshwara and Field Marshal K M Cariappa The atmosphere in Karnataka is conducive for science and technology, which provided a base for HAL to have its headquarters here in Bengaluru, he noted.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)