Defence Minister Rajnath Singh said here on Saturday the Government headed by Prime Minister Narendra Modi is focusing on long-term gains and not short-term outcomes to make India a developed nation by 2047.

Making this assertion here at a defence summit organised by a private media organisation, he also said defence exports have touched Rs 16,000 crore. By 2028-29, annual defence production is expected to touch Rs three lakh crore and defence exports Rs 50,000 crore, Rajnath added.

He said unlike in the past, the current Government has formulated and implemented policies which not only provide short-term gains for just five years.

Rajnath enumerated the reforms undertaken in the defence sector for long-term gains in the last few years, including creation of the post of Chief of Defence Staff and setting up of the Department of Military Affairs which has enhanced jointness, synergy and smooth coordination among the three Services.

Rajnath pointed out that the Government has been focusing on the integration of the Indian Army, the Indian Navy and the Indian Air Force, which will ensure enhanced coordination among them in times of crisis.

On the major steps taken in the field of defence manufacturing, the Defence Minister said the Defence Ministry notified five positive indigenisation lists of the Services, comprising over 500 items, and four other lists, with over 4,600 items for DPSUs, to ensure that the soldiers use made in India weapons and platforms.

He also referred to the decision to earmark 75 per cent of the capital acquisition budget for procurement from local companies.

He said some people were of the view that indigenous weapons will not be world class, however, the government believes in the capabilities of the domestic industry and that they can consistently improve and deliver state-of-the-art products.

Rajnath was of the view that through initiatives like setting up defence industrial corridors in Uttar Pradesh and Tamil Nadu, the Government is making sure that modern military hardware is not only manufactured in India, but also exported to friendly countries.