Govt eyes $5-bn military hardware exports by FY25
PM opens 14th edition of Aero India at Yelahanka Air Force complex on outskirts of Bengaluru; 250 B2B deals are expected to be firmed up and it’ll unlock investment to the tune of Rs75,000 cr
image for illustrative purpose
India's defence exports have increased six times in the last five years and that it has crossed the figure of $1.5 bn in its exports, said Prime Minister Modi
Bengaluru: Prime Minister Narendra Modi on Monday showcased India as an attractive destination for investment in the defence manufacturing sector, and said the country will move towards becoming one of the leading exporters of military hardware globally backed by favourable economic policies. After inaugurating the 14th edition of Aero India at the Yelahanka Air Force station complex on the outskirts of Bengaluru, he said India has rejuvenated its defence production sector in the last eight-nine years and is looking at increasing the export of military hardware from $1.5 billion (one billion=Rs100 crore) to $5 billion by 2024-25.
“The new India of the 21st century will neither miss any opportunity nor will it lack any effort. We are gearing up. We are bringing revolution in every sector on the path of reforms,” Modi said. “The country, which was the biggest defence importer for decades, is now exporting defence equipment to 75 countries of the world,” he said.
Modi said India's defence exports have increased six times in the last five years and that it has crossed the figure of $1.5 billion in its exports. The five-day aerospace exhibition, considered the largest in Asia, is being participated by over 700 Indian and foreign defence companies besides delegates from around 100 countries which included several defence ministers as well.
“You also know that defence is such an area in which technology, market and business are considered the most complicated. Despite this, India has rejuvenated its defence sector within the last 8-9 years. Therefore, we consider this to be just a start,” Modi said.
“Our target is that by 2024-25, we will increase this export figure from $1.5 billion to $5 billion dollars,” he said. Modi also described Aero India as an example of India's growing potential. “The presence of around 100 countries of the world shows how much the world's faith in India has increased. More than 700 exhibitors from India and abroad are participating in it. It has broken all old records till now,” he said.
