New Delhi: Prime Minister Narendra Modi declared that a target of ₹350 billion (USD 5 billion) had been set for defence equipment exports, over the next five years. The Prime Minister was speaking at the inaugural function of the ‘Defence Expo 2020’. Defence Ministers of 37 countries will be visiting the Defence Expo, and 176 foreign and 856 Indian companies are participating in the expo.
While speaking on this occasion, Prime Minister Modi announced that Make in India is not only for India but also for the whole world. The Prime Minister claimed that India is not only a market; it is an opportunity. In 2014, India had exported defence equipment worth ₹20 billion. This export has increased to ₹170 billion in the next two years. The Prime Minister said that India had set a target of exporting ₹350 billion worth of defence equipment in the next five years.
Despite being the second-most populous country of the world, the largest democracy, and with the military ranked on number two in the world, Indian policy has always been importing oriented for defence equipment. Therefore, India became the largest importer of defence equipment. But the Indian defence policies have undergone a profound change in the last five years, and Prime Minister Modi said that in the coming times India would become an exporter of defence equipment, rather than being an importer.
Companies from nearly 70 countries have been participating in the Defence Expo 2020. Defence Minister Raj Nath Singh said that to make India a hub for manufacturing of defence equipment, the government is working on the ‘Three P’ ‘Policy, Production, Partnership’ principle. Uttar Pradesh Chief Minister Yogi Adityanath claimed that following the Defence Expo, there would be an investment of ₹500 billion, 23 agreements and creation of 300,000 jobs in Uttar Pradesh alone.