India aims to take defence exports to $5 bn by 2024-25: PM Modi

BENGALURU: Prime Minister Narendra Modi on Monday said that India aims to take defense exports to $5 billion by 2024-25 and it will move fast to join the defence-producing countries.

"India has rejuvenated its defense sector in the last 8-9 years. We just consider this to be just the beginning. We aim to take defense exports to $5 billion by 2024-25. India will now move fast to join the defence producing countries," he said after inaugurating Aero India 2023 here.

Modi said today India isn't just a market for world defence companies but is a partner, and the country is also emerging as a suitable partner for countries that are looking to fulfill their security needs.

"Our technology is cost-effective as well as credible coupled with honest intent," he added.

Modi said Tejas fighter planes, indigenously developed INS Vikrant as well as the Helicopter factory in Tumakuru are examples of Make In India's strength.

"India of the 21st century will neither lose out on any opportunity nor will shy away from working hard to achieve its dreams," he said.

PM said today's India thinks fast, and far and takes quick decisions and added that the India of Amrit Kaal is moving forward like a fighter pilot, and is not afraid to touch heights and eager to fly high.

"The deafening roar of Aero India also has the echo of India's reform, performance, and transform," he said.

Modi said the reforms done in India in the direction of Ease-of-Doing-Business are being discussed all over the world today and India has taken several steps to create an environment conducive to global investment and Indian innovation.

The PM said there was a time when Aero India was considered a window of defence show in India, but through the years, the event has developed as a reflection of India's strength with a focus on its defence sector.

"India's successes are giving proof of its possibilities and capability and added that Tejas aircraft roaring in the sky is the proof of the success of 'Make in India'. The new India of the 21st century will neither miss any opportunity nor leave any stone unturned in its hard work. We are gearing up," he said.

"When a country moves forward with new thinking and new approach, then its systems also start adapting with new thinking," he added.

Today's event also reflects the new thinking of India. Today this event is not just a show, it is also the strength of India and also focuses on the scope and self-confidence of India's defense industry," the PM added.

This event is very special for another reason as it is happening in a state like Karnataka which has special expertise in the world of technology, Modi said.

"This event will create new opportunities in the field of aerospace and defence. New possibilities will arise for the youth of Karnataka," he added.

Modi said this year's event has broken all previous records and there has been participation from all levels including MSMEs, Indian startups as well as established companies from across the world, and the theme of Aero India - The runway to a billion opportunities - is being realized.