The size of India's defence and aerospace manufacturing sector will increase to Rs. 1 lakh crore in 2022 and surge further to Rs.5 lakh crore by 2047, when the country will celebrate 100 years of independence, from around Rs.85,000 crore in the current year, Defence Minister Rajnath Singh said on Saturday.

"The role of the private sector will be very important in it," Singh said while addressing the Annual Convention and 94th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).

In this context, he said, India, at the same time, made it clear to allied nations that the military hardware required by the Indian armed forces will have to be produced in the country.

"We have told every friendly country that we want to produce the military platforms, weapons and ammunition in India itself keeping in mind the security of the country," he said.

"We have conveyed this message to the US, Russia, France and others as well and we do not hesitate to communicate this message," he added.

The Defence Minister said the message to the countries producing military equipment has been that, "Come Make in India, Come Make for India and Come Make for the world".

According to the Defence Minister, the contribution of the private sector in India's defence and aerospace manufacturing will rise to over Rs.1 lakh crore by 2047 from around Rs.18,000 crore in the current year.

Singh said defence and aerospace offer huge opportunities for micro, small and medium enterprises (MSMEs). "Some would say the defence sector is for the big industry. But it's not true. Today, more than 1000 MSMEs are working in the defence manufacturing sector," he said.

"There was a time when only government companies were in the defence sector. We have changed the situation," Singh said adding the government sees private investors as an important partner in defence manufacturing.

Image courtesy: ANI