New Delhi [India], Aug 3 (ANI): The Ministry of Defence on Monday released draft Defence Production and Export Promotion Policy 2020 with an objective to achieve a turnover of Rs 1,75,000 Crores (USD 25 billion) including export of Rs 35,000 Crore (USD 5 billion) in Aerospace and Defence goods and services by 2025.
According to the ministry, multiple announcements were made under 'Atmanirbhar Bharat Package' in order to provide impetus to self-reliance in defence manufacturing.
"In implementing such framework and to position India amongst the leading countries of the world in defence and aerospace sectors, the Ministry of Defence formulated a draft Defence Production and Export Promotion Policy 2020 (DPEPP 2020). The DPEPP 2020 is envisaged as overarching guiding document of MoD to provide a focused, structured and significant thrust to defence production capabilities of the country for self-reliance and exports," read a release by the ministry.
The goal of the policy is to develop a dynamic, robust and competitive Defence industry, including Aerospace and Naval Shipbuilding industry to cater to the needs of Armed forces with quality products.
It also aims to reduce dependence on imports and take forward "Make in India" initiatives through domestic design and development.
The objective of the DPEPP 2020 is to promote export of defence products and become part of the global defence value chains and to create an environment that encourages R&D, rewards innovation, creates Indian IP ownership and promotes a robust and self-reliant defence industry.
The Policy brings out multiple strategies with focus areas including Procurement Reforms, Indigenization & Support to MSMEs/Startups, Optimize Resource Allocation, Investment Promotion, FDI & Ease of Doing Business, Innovation and R&D, DPSUs and OFB, Quality Assurance & Testing Infrastructure and Export Promotion. (ANI)