New Delhi, April 19 -- Defence Minister Rajnath Singh announced on Thursday that India's defence production value is expected to exceed Rs 1.60 lakh crore in the current fiscal year, with ambitious plans to nearly double this figure to Rs 3 lakh crore by 2029.

The announcement came during the Defence Minister's address at the 'Defence Conclave 2025 -- Force of the Future' event hosted by 'The Week' magazine.

"The day is not far when India will not only emerge as a developed country, but our military power will also emerge as the number one in the world," he asserted.

"This year, defence production should cross Rs 1.60 lakh crore, while our target is to produce defence equipment worth Rs 3 lakh crore by the year 2029," he said.

Singh e...