DefExpo will showcase our intent to achieve USD 26 bn turnover in aerospace, defence goods by 2025: Rajnath
Defence Minister Rajnath Singh has said that the upcoming DefExpo 2020 event next year will showcase the government's intent to achieve a turnover of USD 26 billion in aerospace and defence goods by 2025.
Defence Minister Rajnath Singh has said that the upcoming DefExpo 2020 event next year will showcase the government's intent to achieve a turnover of USD 26 billion in aerospace and defence goods by 2025. "We will showcase our plans for defence corridors in Uttar Pradesh and Tamil Nadu where we already have investment commitments of about USD 1 billion. More than 100 business events and seminars are being planned and over 1,000 exhibitors are expected in Defence Expo 2020," he said at the Ambassadors' Round Table conference organised by the Ministry of Defence here on Monday.
In a major outreach to the defence manufacturing industries of the world, the Round Table was aimed to brief the representatives of foreign missions based in New Delhi about the arrangements being made for DefExpo scheduled to be held in Lucknow from February 5 to 8, and elicit suggestions from them to further improve the experience. Heads of Missions and Defence Attaches of over 80 countries participated in the conference.
At the conference, Singh said that the event will not only provide countries with the opportunity to showcase their equipment and platforms, but also be able to explore the strengths and capabilities of India's defence industry for meeting operational goals. "DefExpo is an opportunity to foster partnerships and be part of shared prosperity. These strong ties can boost investment, expand manufacturing, raise the level of technology and accelerate economic growth of our respective countries," he added.
Singh underlined that India's defence sector has matured and is exploring mutually beneficial partnerships with friendly countries to set up industries in India and abroad. Impressing upon the Expo's sub-theme 'Digital Transformation of Defence', Singh said, "Digitalisation is the key to future security scenario as the spectrum of warfare is transiting from land, air and sea to cyber and space. DefExpo will demonstrate India's ability in cyberspace and define its needs in the sector."
"The challenge is not just to prepare for contingencies but also to repel threats from multiple sources and at the same time possess the ability to respond proactively if needed," he added. Singh said that due to the policy reforms undertaken by the government, defence production in both public and private sectors reached a record volume of Rs 80,502 crore in 2018-19. He set the target of Rs 90,000 crore for 2019-2020.
"We have achieved an export turnover of around Rs 10,700 crore in 2018-2019, with the target of this year pegged at Rs 15,000 crore," he said. The Defence Minister also released the official DefExpo 2020 inaugural film on the occasion. (ANI)
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