Defence Minister Rajnath Singh on Friday said that the aim of the government is to make India one among the top countries of the world in the field of the defence sector.
While addressing the launch event of seven new defence companies he said, "Our aim is to bring India among the top countries of the world in the field of the defence sector, from design to production, and export, with the active participation of public and private sector."
Mr Singh said that taking forward our resolve of 'Aatmanirbhar Bharat', the Centre has taken the historic decision to convert the Ordnance Factory Board (OFB), a subordinate office of the Ministry of Defence, into seven new 100 per cent government-owned corporate entities with professional management.
"Today, seven new Defence Public Sector Undertakings (DPSU) -- MIL, AVANI, AWE, TCL, YIL, IOL, GIL -- are being dedicated to the nation in the course of the reformative change. There could hardly have been a better opportunity for such reforms to achieve its new objectives," said the defence minister.
He further said that the Defense Ministry has set a target of achieving a turnover of Rs 1,75,000 crore by 2024.
"Today, the defence sector is moving fast on the path of 'self-reliance' and 'make for the world'. The Defense Ministry has set a target of achieving a turnover of Rs 1,75,000 crore by 2024 in aerospace and defence goods and services, including exports of Rs 35,000 crore," said Mr Singh.
As part of the corporatisation of the Ordnance Factories, the central government is launching seven new companies.
The government is converting the Ordnance Factory Board (OFB) into corporate entities.
These seven new defence companies will have 66 firm contracts worth Rs 65,000 crore from the three services and paramilitary forces.
The new companies are - Advanced Weapons and Equipment India Limited, Troop Comforts Ltd, Avani Armoured Vehicles, Munitions India Limited, India Optel Limited, Gliders India Limited, and Yantra India Limited.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Video: India Test Fires "Historic" Long-Range Hypersonic Missile India, China Defence Ministers To Meet, 1st High-Level Talks Post Disengagement India's Defence Exports To Touch Rs 50,000 Crore In 2029-30: Rajnath Singh Strangled, Left In Car Trunk: How Harshita Brella Was Killed By Husband AR Rahman, Wife Saira Announce Separation After 29 Years Of Marriage Amid Souring Ties With India, Canada's Latest Move Inconveniences Fliers Main Issue With Pakistan Is Of Terrorism: India's Ambassador at UN No Baba Siddique, Son Zeeshan Shares First Voting Experience Without Him 4 Arrested For Gangraping, Blackmailing Law Student In Andhra Pradesh Track Latest News Live on NDTV.com and get news updates from India and around the world.