Defence Minister Rajnath Singh has said that the aim of the government is to achieve 35,000 crore rupees defence exports target by 2025. He said, the defence manufacturing is an important sector to achieve the goal of self-reliance. Mr Singh on Friday held a review meeting in New Delhi on the working of the seven defence companies, carved out of erstwhile Ordnance Factory Board. The companies had commenced operations from 1st October last year.
Addressing the officers and employees of the seven companies virtually, Mr Singh said that the corporatisation of Ordnance Factory Board was a major reform in the direction of making the country Aatmanirbhar. He appreciated that these companies are moving smoothly on the path of progress with full autonomy, efficiency and accountability. He said, an amount of two thousand 953 crore has been released to these companies in the form of equity, during 2021-22 and 2022-23 for modernisation. Mr Singh said, the Ministry has set a target of achieving a turnover of one lakh 75 thousand crore rupees in aerospace and defence goods and services by 2025.
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