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Our target is $5 billion of defence export in next five years: PM Modi

Our target is $5 billion of defence export in next five years: PM Modi

LUCKNOW: India is eyeing defence export of $5 billion within the subsequent 5 years, Prime Minister Narendra Modi mentioned on Wednesday, highlighting the measures taken by his authorities to spice up manufacturing and woo traders to arrange a base within the nation.
Inaugurating the 11th version of DefExpo right here, PM Modi mentioned a rustic of the scale of India can not solely rely upon imports and added the variety of defence licenses issued within the final 5 years has risen to 460 from 210 in 2014, the yr he first got here to energy.
India is constructing a number of defence gear like artillery weapons, plane carriers, submarines, light-combat plane, and fight helicopters, he mentioned.
“Our mantra is Make in India, for India, for world. In 2014 the export of defence gear from India was about Rs 2,000 crore. Within the final 2 years it has gone as much as Rs 17,000 crore. Within the subsequent 5 years our goal is export of $5 billion, which is about Rs 35,000 crore,” the Prime Minister mentioned.
India just isn’t solely a significant market globally however an unlimited alternative for the world as effectively, he mentioned, asserting that Uttar Pradesh goes to be one of many largest defence manufacturing hubs in India.
Lack of correct coverage initiative in final a number of a long time made India the most important importer of defence platforms, he added.
Modi cited misuse of expertise, terrorism and cyber menace as challenges dealing with the world and mentioned defence forces are eyeing new expertise contemplating new threats. India just isn’t behind others, he added.
He mentioned a roadmap had been finalised to make use of software of synthetic intelligence in defence sector.
The Prime Minister mentioned the creation of the publish of Chief of Defence Employees and the division of army affairs will enhance the general defence manufacturing.
“We’re going to improve our presence within the outer area in coming years,” he mentioned, including that the DRDO is placing up efficient safety for India’s property in outer area created by ISRO.
“Our defence preparedness just isn’t geared toward any nation as India is a dependable contributor to world peace. It is our accountability to make sure safety of not solely India however nations within the neighbourhood as effectively,” he mentioned.
He invited overseas defence producers to “come and put money into India.

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