October 1, 2019 -- The Indian government plans to invest US$10 billion in the creation of two defence industry corridors in the north and south as part of the development of a $26 billion defence industry by 2025. Defence Minister Rajnath Singh has identified the defence sector as one of “the most prominent sectors” under the government’s “Make in India” initiative. This cross-sector manufacturing drive, he said, is aimed at India achieving a $5 trillion economy by 2024. He said that a $10 billion investment in aerospace and defence goods and services by 2025 would also employ about 2-3 million people, and lead to a military exports target of $ 5 billion. Two defence corridors in Uttar Pradesh and Tamil Nadu will create 350,000 jobs and boost nine state-owned companies -- the Defence Public Sector Undertakings (DPSUs) -- and a network of 41 ordnance factories, 50 research facilities, some 70 private defence companies and double the number of Micro Small, and Medium Enterprises (MSME) to 16,000.

Source: Sunday Times October 01, 2019 13:18 UTC