Govt targets to take defence exports to $5 bln by 2024-25: PM Modi

Prime Minister Narendra Modi said today that the government's aim is to take defence exports from $1.5 billion to $5 billion by 2024-25.

"From here India will take rapid strides to be included among the largest defence manufacturing countries and our private sector and investors will play a big role in that," the Prime Minister said while addressing the inaugural of Aero India 2023 in Karnataka's Bengaluru this morning.

The Prime Minister called upon the private sector to invest in the defence sector which will create new opportunities for them in India and in many other countries.

Modi inaugurated the 14th edition of Asia's biggest aero show - Aero India 2023 - at Air Force Station, Yelahanka in Bengaluru today.

Addressing the gathering, Modi said nation is touching new heights today and that Aero India 2023 is a shining example of India's growing capabilities. He called upon the youth of Karnataka to deploy their technological expertise in the field of defence to strengthen the country.

The five-day Aero India 2023 event will conclude on 17th February. The February 13th to 15th will be business days, while 16th & 17th have been set as public days to allow people to witness the show. The event comprises a Defence Ministers' Conclave; a CEOs Round Table; Manthan start-up event; Bandhan ceremony; breath-taking air shows; a large exhibition; India Pavilion and a trade fair of aerospace companies.

The event is likely to witness the participation of 98 countries. The Defence Ministers of 32 countries, Air Chiefs of 29 countries and 73 CEOs of global and Indian OEMs are expected to attend the event. Eight hundred and nine (809) defence companies, including MSMEs and start-ups, will showcase the advancement in niche technologies and the growth in aerospace and defence sector.

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