Distinguished scientist and Director General of BrahMos missile system division of the DRDO, Dr Sudhir Mishra, today said the country would require various military equipment worth USD 150 billion in the next 10 years.
Inviting private players to grab the opportunity by entering the defence equipment manufacturing, Mishra said the Defence Research and Development Organization (DRDO) is ready to share its technology with the manufacturers.
Mishra, who is also the CEO and Managing Director of 'BrahMos Aerospace', an India-Russia joint venture of the Ministry of Defence, was speaking at an interactive session on defence manufacturing organised by the Gujarat chapter of CII here.
"In the next 10 years, there is a requirement of around USD 150 billion of military equipment. This is a realistic and quite a moderate figure. This is a big opportunity for the entrepreneurs," he said.
According to him, USD 150 billion would be spent on manufacturing or upgrading aircraft, tanks, guns and various other equipment.
"There are many items, which we are going to manufacture or procure. Many of them have already become a reality, such as upgradation of MiG-29 and Mirage aircrafts.
We are also going to procure around 500 more T-90 battle tanks in a short time," he said.
Expressing concern over the overall manufacturing scenario in the country, he invited private players to consider taking up production of defence equipment.
"In our country, contribution of manufacturing sector in the GDP is 18 per cent for the last seven to eight years, while the contribution of service sector is 65 per cent. This is an anomaly. Manufacturing should be around 35 to 40 per cent and service sector has to be 15 to 25 per cent," he said.
"At present, we own 6 to 7 per cent of the global software market. But now, we cannot grow beyond this, as we mostly carry out outsourcing and low-end software jobs. That is why, the new government at the Centre came up with 'Make In India'. Now, we are trying to catch up," said Mishra.
"DRDO is ready to share the technology, as we alone cannot do it. Private players can take that technology from us and develop it for the market. You can approach us and start manufacturing," he added while addressing budding entrepreneurs from this sector.