PM Modi sets target of 5 billion dollars for defence exports in next five years
Prime Minister Narendra Modi has said that his government has set a defence export target of 5 billion dollars in the next five years.
Inaugurating the DefExpo, Mr Modi said, in 2014, the export of defence equipment from India was about 2,000 crore rupees. In the last 2 years, it has gone up to 17,000 crore rupees. In the next five years, our target is export of 5 billion US dollars, which is about 35,000 crore rupees, Prime Minister said. Mr Modi said, our mantra is Make in India, for India, for world. The eleventh edition of the mega defence event is being held in Lucknow with the theme “India: The Emerging Defence Manufacturing Hub”. The five-day DefExpo – India’s biennial exhibition of military platforms and weapons – is being attended by 38 defence ministers and top executives of 172 foreign defence majors and 856 Indian companies.
Prime Minister invited global defence majors to set up their manufacturing units in India. Mr Modi said, there is an infinite opportunity in defence manufacturing in India. He said, there is demand, democracy and decisiveness in India. Prime Minister said, India also offers talent, infrastructure, favourable policy initiative and security of investment. Mr Modi said, lack of proper policy initiatives in the last several decades has made India the biggest importer of defence platforms. Prime Minister said, his government has taken a series of policy initiatives to cut the country’s dependence on arms imports and promote domestic production. Mr Modi said, India is significantly boosting its military might and even increasing presence in outer space responsibly.
Speaking on the occasion, Defence Minister Rajanath Singh said that the creation of two defence corridors in India is a result of prime minister’s vision of leading India to become a technological powerhouse. He said that the nation will benefit from the defence industrial ecosystem being setup and developed using cluster development.
Addressing the gathering, Chief Minister Yogi Adityanath said the defence corridor being setup in Uttar Pradesh will create a world-class defence ecosystem that will cater to the technological needs of the defence companies.