Modi aims to achieve $5 billion in defence exports in next five years

Inviting private businesses to invest in the country, the Prime Minister Narendra Modi aims to achieve $5 billion in defence exports in next five years for India. During the inaugaural speech of the 11th Defence Expo in Lucknow, Modi said, “India’s ambition to develop a defence industrial base was neither a threat nor directed against any country.”

The five-day DefExpo 2020 saw The Uttar Pradesh government has signed 23 preliminary pacts during the five-day Expo. These pacts will bring Rs. 50,000 crore investment and create more than 300,000 jobs, said defence minister Rajnath Singh said. Several policy changes have been highlighted by Modi and Singh, which was introduced by the government 2014 in order to transform India into a defence manufacturing hub.

“India has limitless possibilities in defence manufacturing. India has talent and technology, innovation and infrastructure, a favourable policy framework as well as a guarantee on investment, demand, democracy and decisiveness (in decision making)” Modi said. “I invite all of you, the defence investors and entrepreneurs of the world. Your investment in India will give you big returns as well as help India to become self reliant,” he said.

“Our mantra is Make in India, for India, for the world. In 2014, the export of defence equipment from India was about Rs. 2,000 crore. In the last two years, it has gone up to Rs. 17,000 crore. In the next five years, our target is export of $5 billion, which is about Rs. 35,000 crore,” Modi said.