New Delhi: India’s annual defence production is expected to touch a whopping Rs 3 lakh crore and exports of military hardware is poised to reach Rs 50,000 crore, Defence Minister Rajnath Singh said on Saturday.

In an address at a defence conclave, Singh, delving into structural defence reforms, said the three services used to work in “silos” earlier but now they are ready with better coordination to deal with every challenge jointly.

He said capital acquisition projects worth more than Rs 4,35,000 crore have been given in-principle approval in the financial year 2023-24, and the government is aiming for production of high-end systems like aero-engines and gas turbines in India in the next five years.

Press Trust of India