New Delhi: Keeping future growth in mind, India may need investments of $200-300 billion in the military and aerospace sectors over the next two decades, minister of state for defence, MM Pallam Raju, said.
"According to ministry of civil aviation, Indian aerospace industry needs investment of $200 to 300 billion over 2009-2034. All segments of aviation civilian, military and space research are showing tremendous growth," he said here today.
Stressing upon the involvement of private players in the defence sector, Raju highlighted the robust growth observed in offset contracts in the 11th plan.
"The value of offset contracts is likely to be more than Rs10,000 crores in the 11th plan ending this year. Twelve offset contracts valuing Rs9,943 crores have already been signed with Indian private industries and defence PSUs, worth Rs6,464 crores and Rs3,430 crores respectively," he said.
He further added offsets worth Rs36,657 crore were in the pipeline and would benefit more than thirty five companies of the Indian origin.
On the Defence Procurement Policy (DPP) 2011 Raju said, "The new DPP aims to achieve substantive self-reliance in design, development and production of equipment, weapon systems and platforms for defence in as early a time-frame as possible."
He added the defence minister would hold an annual review of progress made by indigenous companies in their endeavour to make the country self-reliant in the defence sector.