Defence Ministry releases DPEPP 2020, to achieve a turnover of Rs 1,75,000 crores
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Road to 2025
The defence ministry on Monday released a draft defence production and export promotion policy (DPEPP 2020), with the stated objective of achieving a turnover of Rs 1,75,000 Crores ($ 25 billion), including export of Rs 35,000 Crore ($5 billion) in aerospace and defence goods and services by 2025, reported TOI.
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Chinese eye-opener
The ongoing military confrontation with China has only served to further drive home this point with the 15-lakh strong armed forces scrambling to import a wide array of weapon systems, from drones and assault rifles to missiles and ammunition, to maintain operational readiness along the northern borders.
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Make in India
The draft DPEPP says the aim is to reduce dependence on imports and take forward "Make in India '' initiatives through domestic design and development, as also promote export of defence products as part of the overall 'Atmanirbhar Bharat' policy.
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Scientific acumen
DRDO, for instance, will set up missions in select fields in consultation with the armed forces and other scientific and industrial establishments to develop futuristic weapon systems. These range from hypersonic, ballistic and cruise missiles to armoured vehicles, gas turbine engines, submarines, fifth-generation fighter jets, transport aircraft, robotics and airborne sensors.
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Negative list
The government had also announced the import of certain weapons would be banned through a progressively-expanding negative list, while the FDI limit would be hiked to 74% from the existing 49% in the defence production sector through the automatic clearance route.
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Exorbitant expenditure
With an annual defence budget of about $70 billion, India is behind only the US ($732 billion) and China ($261 billion) in terms of military expenditure around the globe. It is also the second-largest buyer of foreign weaponry after Saudi Arabia in the world, accounting for 9.2% of the total global arms imports during 2015-2019, as was earlier reported by TOI.