While speaking at the mega Aero India 2023 in Bengaluru, Prime minister Narendra Modi described India’s ambition to become a major defence hub.
In a bid to build a self-sufficient defence ecosystem, the Modi Government is planning to enhance its arm exports to nearly USD 5 Billion by 2024-2025.
India is looking forward to signing defence deals worth Rs 750 billion at the biennial five-day Aero India event. Its airlines try to complete jetliner purchases to meet civilian demand and press global aircraft manufacturers to produce more locally, primarily through partnerships.
The decision to build India a defence exporter comes at a time when the country continues to be one of the biggest weapon importers in the world.
New Delhi's export ambitions are a sign of its growing clout as it uses the leverage of huge imports to attract investment in its domestic industry.
Previous Indian exports include Hindustan Aeronautics (HAL) Dhruv helicopters to the Philippines, Mauritius and Ecuador and Russia-India venture BrahMos Aerospace's supersonic cruise missiles to the Philippines. HAL has also offered its Tejas light fighter jet for sale to Malaysia.
While speaking at the aero show on Sunday PM Modi repeated his government’s promise of boosting defence exports by more than 200 percent over the next three years.
Modi said, “From about USD 1.5 billion in 2021-21, India targets to export USD 5 billion worth of military hardware by 2025.”
“India has changed its laws to facilitate investments in the defence sector, making it a “reliable defence partner,” he added.
The Prime Minister said that India has rejuvenated its defence sector in the last 8-9 years despite market complications.
“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,” he said.
