October 21, 2022
The momentum of attracting businesses and Memorandums of Understanding (MoUs) in the latest Defence Expo (DefExpo) has broken previous records
In 2020’s DefExpo, about 201 MoUs were signed
About 46 product launches and 18 Transfer of Technologies (ToTs) took place during the event
India also plans to achieve defence exports worth US$ 5 billion and an overall turnover of US$ 22 billion in production by 2025
About 451 MoUs and agreements amounting to INR 1.53 trillion were signed during this year’s Defence Expo, according to media reports.
Government officials mentioned that the momentum of attracting businesses and MoUs in the latest DefExpo has broken previous records. In 2020’s DefExpo, about 201 MoUs were signed.
According to the reports, MoUs and agreements were signed between industry & industry, industry & state governments and industry & central government. About 46 product launches and 18 Transfer of Technologies (ToTs) took place during the event.
Furthermore, India also plans to achieve defence exports worth US$ 5 billion and an overall turnover of US$ 22 billion in production by 2025, according to defence minister Rajnath Singh. Currently, the country has achieved US$ 12 billion in defence production.
For creating a global supply chain for defence products that are free from vulnerabilities and uncertainties, the minister has also invited US defence companies to set up manufacturing units in India.
Implications
From largely importing its defence goods earlier, India is gradually becoming a major global exporter in this sector.
Sources: Business Standard | Hindustan Times