Defence, aerospace sector to offer USD 200 bn biz opportunity

Defence, aerospace sector to offer USD 200 bn biz opportunity

The Indian defence and aerospace industry will offer business opportunity in the range of USD 200 billion in the next 15 years, former Secretary, Department of Defence Research and Development V K Saraswat said today.

Out of this, USD 30 billion would be by way of offsets alone, he told reporters on the sidelines of 'Defence and Aerosupply India', a three-day industry conclave which began yesterday.

He stressed on developing technological prowess in the country rather than excessively depending on others.

Referring to the 'Make in India' endeavour of the government, Saraswat, also a former adviser to the Defence Minister, said it should be "Design and Make in India", suggesting that designing also be done in a big way in the country.

"We need to build critical technology in the country. Otherwise, the self-reliance index cannot grow," he said.

Saraswat lauded the role of PSUs and ordnance factories in building and developing products for the country's requirements over the years, but said PSUs need to function in a corporate manner to be more competitive.

On the occasion, Chief Secretary of Telangana Rajiv Sharma, an organiser of the event, said the state government is keen on promoting the aerospace and defence sector in the city.

The government would soon come up with an industrial policy that would be business-friendly and aimed at promoting industrial growth in a big way, he said.

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