Defence minister Rajnath Singh, speaking at the Global Business Summit 2020, said that the government had set an arms export target of $5 billion in the next five years and aims to double the turnover of the domestic aerospace industry by 2024. Rajnath Singh said, "In our envisaged defence production policy, we have clearly spelt out our goal to achieve a turnover of $26 billion in aerospace, defence goods and services by 2025, involving an additional investment of nearly $10 billion and creating employment for nearly 2-3 million people." “We understand defence R&D in the private sector will take time to establish itself. To give a boost to this process, we have opened opportunities through DRDO with a zero fee for transfer of technology (ToT), free access to over 450 patents, access to test facilities and an upfront funding of up to Rs 10 crore. More than 900 licensing agreements for ToT have been signed with industries,” Rajnath Singh further added.