Amit Shah on Wednesday hailed the Union Cabinet’s decision to approve the export of indigenously-developed Akash missile system and said this will further propel India’s effort to achieve the target of $5 billion of defence export.
In a series of tweets, Shah also congratulated the Prime Minister for approving the proposals for industrial corridors worth ₹ 7,725 crores that will generate over 2.8 lakh jobs.
In a major move to boost domestic defence manufacturing, the Union Cabinet approved the export of surface-to-air Akash missile system and set up a panel to ensure faster approvals for acquisition proposals by various countries. The Akash missile systems have over 96% indigenous components and the weapon can hit targets at a range of 25 km.
The cabinet also approved a proposal to set up industrial corridor nodes at Krishnapatnam in Andhra Pradesh and Tumakuru in Karnataka under the Chennai Bengaluru Industrial Corridor (CBIC). The proposals have a total estimated cost of ₹ 7,725 crores and an estimated employment generation of more than 2.8 lakh people, Union Minister Prakash Javadekar had said.
The cabinet also approved a scheme to provide bank loans at lower rates to distilleries producing ethanol for doping in petrol, with a view to raising India’s ethanol production capacity to suck out surplus sugar as well as cut oil imports.
In a related development, the Defence Research and Development Organisation (DRDO) identified 108 military systems and subsystems like navigation radars, tank transporters and missile canisters for the domestic industry to design, develop and manufacture.
