India's defence exports will reach £3.9b by 2026: Rajnath Singh

India would be exporting defence equipment and material worth Rs 35,000 crore (£3.4 billion) to Rs 40,000 crore (£3.9 billion) by 2026, the country's defence minister Rajnath Singh said on Tuesday (28).

He was delivering the Field Marshal Sam Manekshaw memorial lecture in the western Indian city of Pune on 'The role of youth in nation building', organized by Symbiosis International University.

"First, there should be a sense of self-confidence that we will make India 'atmanirbhar' (self-reliant). In 2014, we used to do defence exports of only Rs 900 crore (£88.7 million), but since India has adopted Indianization (program), today we are doing the defence export of Rs 15,000 crore (£1.47 billion) to Rs 16,000 crore (£1.57 billion)," he said.

He was confident that by 2026, defence sector exports would rise to Rs 35,000 to Rs 40,000 crore, the minister added.

"There is a need to create an eco-system, and more than the eco-system, there is a need to generate self-confidence among ourselves, as with self-confidence, anything is possible," he added.

He was proud of the defence forces which are now meeting 80 per cent of their needs through indigenous procurement, Singh said.

(PTI)