India rejuvenated defence production sector in 8-9 years: PM Modi

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 policiesAfter 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 eightnine years and is looking at increasing the export of military hardware from USD 15 billion one billionRs 100 crore to USD five billion by 202425The 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 saidThe country which was the biggest defence importer for decades is now exporting defence equipment to 75 countries of the world he saidModi said Indias defence exports have increased six times in the last five years and that it has crossed the figure of USD 15 billion in its exportsThe fiveday 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 wellYou 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 89 years Therefore we consider this to be just a start Modi saidOur target is that by 202425 we will increase this export figure from 15 billion to 5 billion dollars he saidModi also described Aero India as an example of Indias growing potentialAlso Read PM Modi inaugurates Aero India 2023 in BengaluruThe presence of around 100 countries of the world shows how much the worlds 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 saidModi said efforts made in the defence and aerospace sector including at the Aero India will act as a launch pad for IndiaNow from here India will move fast to join the worlds largest defence manufacturing countries And our private sector and investors are going to play an important role in this Today I would call upon the private sector of India to invest in Indias defence sector as much as possible Modi saidYour every investment in the defence sector in India apart from India will in a way create new avenues for your tradebusiness in many countries of the world he saidThe prime minister said the deafening roar of Aero India also has the echo of Indias mantra of Reform Perform and TransformToday the kind of decisive government that India has the kind of stable policies the kind of clear intention in the policies is unprecedented Every investor should take full advantage of this supportive environment created in India he saidWhere there is demand capability and experience the natural principle says that there the industry will grow day by day I assure you that the process of strengthening the defence sector in India will move forward at an even faster pace Modi saidHe said when a country moves forward with new thinking and new approach then its systems also start changing according to the new thinkingThis event of Aero India also reflects the new approach of New India today There was a time when it was considered to be just a show or just a window to Sell to India in a way In the past years this perception has also changed in the country Modi saidToday Aero India is not just a show it is also the strength of India Today it also focuses on the scope of the Indian defence industry and also on selfconfidence he saidHe further added The sky of Bangalore is witnessing the potential of New India today The sky of Bengaluru today is testifying that new heights are the reality of new India Today the country is touching new heights as well as crossing themOfficials said around 250 businesstobusiness agreements are expected to be firmed up at the Aero India which is estimated to unlock investment to the tune of around Rs 75000 croreA plethora of aircraft of the Indian Air Force displayed their aerial prowess in an air show at the eventThe theme of Aero India is the runway to a billion opportunities and is aimed at projecting Indias growth and capabilities in the defence and aerospace sectorThe focus of the event is to showcase indigenous equipment and technologies and forging partnerships with foreign companies in line with Make in India Make for the World vision of the government officials saidDefence Minister Rajnath Singh said that Aero India will act as a catalyst in further growth of the aerospace sector in IndiaSingh will host a Defence Ministers conclave on Tuesday on the theme Shared Prosperity through Enhanced Engagements in Defence SPEEDThe major exhibitors at the Aero India include Airbus Boeing Dassault Aviation Lockheed Martin Israel Aerospace Industry BrahMos Aerospace Army Aviation HC Robotics SAAB Safran Rolls Royce Larsen amp Toubro Bharat Forge Limited Hindustan Aeronautics Limited HAL Bharat Electronics Limited BEL Bharat Dynamics Limited BDL and BEML LimitedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever