India to become $10 trillion economy by 2030-32: Rajnath


New Delhi, Sep 17 (IANS): Defence Minister Rajnath Singh said in New Delhi on Tuesday that the goal of the government is to make India a $10 trillion economy by the year 2030-32.

Singh was speaking at the annual conclave of Delhi-based Society of Indian Defence Manufacturers (SIDM).

"The current size of the Indian economy is around $2.7 trillion and our goal is to make it to $5 trillion by 2024 and subsequently to US$ 10 trillion by 2030-32," he said.

Singh further said that under the 'Make in India' initiative of Prime Minister Narendra Modi, the government aims to not only establish India as a major arms manufacturing hub but also convert it into a net defence exporter. At present, the defence industry in India is hugely dependent on imports.

"In our envisaged Defence Production Policy, we have spelt out our goal to achieve a turnover of $26 billion in aerospace and defence goods and services by 2025, involving an additional investment of $10 billion and creating employment for nearly 2-3 million people," said Singh.

Singh elaborated on the initiatives undertaken by the BJP government to ease defence manufacturing in India including revising of the Defence Procurement Procedure in 2016 and establishment of an Investors' Cell to aid defence manufacturers.

"I am proud to share with you that simplification of procedures for defence exports has resulted in export of Rs 10,745 crore in 2018-19, which is nearly seven times the export achieved in 2016-17 and we have set a target of $5 billion for exports till 2024," he further added.

  

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Comment on this article

  • ad, mangaluru

    Tue, Sep 17 2019

    10 trillion in debt he is talking about

    DisAgree Agree [1] Reply Report Abuse

  • Tea Boy, Mangalore

    Tue, Sep 17 2019

    Why wait till 2030-32 it's already $10 tr economy. BJP accomplishes everything by word of mouth when defence minister can talk about economy.

    DisAgree Agree Reply Report Abuse

  • Mohan, Kudla kori

    Tue, Sep 17 2019

    Modi won't b there at that time Mr rajnath. First try to solve present economy fate of our country. Nd jobs.

    DisAgree Agree Reply Report Abuse

  • BASIL D'SOUZA, MANGALORE

    Tue, Sep 17 2019

    Could you please talk about this year?? 2019 or 2020??? who knows who will be there in 2032????

    DisAgree [1] Agree [2] Reply Report Abuse

  • James, Belman

    Tue, Sep 17 2019

    By 2021 India will be down by 4.6% GDP if the present situation continues

    DisAgree [1] Agree [1] Reply Report Abuse

  • Rational thinker, Mangalore

    Tue, Sep 17 2019

    Is there any basis for this statement or just "Hawa hawai Baath"

    DisAgree Agree [5] Reply Report Abuse

  • Deshbhakht, Mangalore

    Tue, Sep 17 2019

    Are you ministers upto just making the economy bigger, or is there any plan to create jobs too ? Give it a consideration sir, the taxes adding up by income earning citizens to your 'Aladin Chirag' magic will complete your target faster.

    DisAgree [2] Agree [6] Reply Report Abuse

  • Dr.S.Kamath, Mumbai

    Tue, Sep 17 2019

    The present size of USA economy is about 20 Trillion
    Now if you say 10 trillion vy 2032 means we will be half of USA
    and will be 20 trillion economy just like USA by 2042?
    Good Good aapka muh pe Ghee Sharkar
    But we need to work hard for it
    Govt should rope in expert economists to plan and execute the projects

    DisAgree [1] Agree [6] Reply Report Abuse

  • Indian, Udupi

    Tue, Sep 17 2019

    Oh my goodness, for once I read the name as " Rajnikanth" , after zooming it was "Rajnath"...

    DisAgree [1] Agree [15] Reply Report Abuse

  • Rational thinker, Mangaluru

    Tue, Sep 17 2019

    Dear Minister Sir, we cannot wait until 2032 or 2032 for the economy to recover and become any trillion no. We want to know if something can happen within the next one to years. The economy has gone so bad that it might take a very very long time to even come back to normal, forget the $10 trillion which is totally unrealistic and is a distant dream.

    DisAgree [3] Agree [10] Reply Report Abuse

  • Ting Tong, mangaluru

    Tue, Sep 17 2019

    'Year' of 5 Trillion changed with this man i guess... No proper planning no vision .. just say as u like.....

    DisAgree [2] Agree [12] Reply Report Abuse


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