By the end of FY24, India's defence exports will total more than £2.4 billion, according to Union Finance Minister Nirmala Sitharaman's remarks in Chennai.
She stated during an interactive session at a Chennai college that defence exports have reached £2 billion for the current fiscal year. "Our defence forces are also signing MoUs with the MSMEs engaged in defence production for procurement for a period of 10 years, if the products meet the prescribed standards," she said.
On bilateral trade, FM said, India will continue to purchase oil from Russia. "We are in talks with Russia and Sri Lanka for Rupee trade,” she said.
Allaying the fears around Artificial Intelligence (AI), which is perceived to be posing a significant threat for jobs, she said, "In turn, AI will generate domain specific jobs. Expertise in AI with different skill sets is required for various sectors. For instance, Artificial Intelligence on optimal usage of fuel and Artificial Intelligence for solid waste management for smart cities need different skill sets. There was a similar perception in the 1980s when computers were introduced in the banking sector with trade Unions opposing the move, saying it may lead to job cuts. Have computers resulted in job loss or employment generation?" the finance minister asked.