India is looking to achieve defence exports worth Rs 35,000 crore in the next five years, Prime Minister Narendra Modi said on Wednesday as he inaugurated the Defence Expo 2020 in Lucknow.
Speaking about India turning into a manufacturing hub for military platforms that will enhance global defence exports, the PM said defence manufacturing has found new energy in the country.
“In the last two years, defence exports worth Rs 17,000 crore have been achieved…it is up from Rs 2,000 crore in 2014,” Prime Minister Modi said. He said 200 defence start-ups are likely to come up in India to give a push to indigenisation.
A long-term integrated defence plan is also being conceptualised, the Prime Minister said as he made the inaugural address the Defence Expo.
“Defence manufacturing will not only make us self reliance but also ensure we are prepared to help friendly countries in the region if required,” he said, and added, “India is also been a trustworthy partner of peace.”
He also welcomed the ladle defence ministers of various countries. Over 1,000 companies, including 172 foreign defence manufacturers and defence ministers of 38 countries, are participating the Defence Expo in Lucknow in Uttar Pradesh.
The number of companies registered for participating in the DefExpo 2020 has reached 1,028. In the DefExpo 2018, held in Chennai, 702 companies had participated. Thus, it has become by far the biggest ever DefExpo to be held in India, the defence ministry said.
The Prime Minister said security challenges are changing with technology and the security agencies are also more dependent on technology to counter these.