Buoyed by potential orders from countries like Bangladesh, the government has set an ambitious target of achieving $2 billion worth of exports in defence products by 2019-2020.

“In exports we will soon be crossing $1 billion … Our target is to have $2 billion exports by the end of term of this government,” Defence Minister Manohar Parrikar told reporters here on Tuesday during a press conference.

Parrikar said that his ministry is looking for newer areas of export apart from the conventional weaponry shipments. He said the government is looking to export items for bridge laying for the armed forces and for setting up of defence equipment production factories in other countries.

Besides, he said, there is huge potential in export of missiles such as Brahmos and Akash to countries like Bangladesh, UAE and Mauritius with which negotiations are going on.

“We are wiling to give BrahMos missile to any friendly nation and Vietnam is a friend,” he said.

This remarks from the Defence Minister comes at a time when India is being looked upon for getting closer to Vietnam strategically to threaten China.

The Defence Ministry seems to be also confident of achieving this target by adding some more export destinations such as Bangladesh, United Arab Emirates (UAE), and Afghanistan.

"We are exporting warships to many countries like a private shipward is giving to Vietnam. Several other countries like Bangladesh and UAE are among 16-17 nations are in discussions with India for supply of warship,” he added.

Parrikar added that the government will be strengthening the defence export monitoring body by giving it full support in terms of subsidies and promotional efforts made by the defence production companies.

On the issue of finalising the chapter on strategic partnerships in the Defence Procurement Procedure (DPP) 2016, Parrikar said it will be finalised soon.

“It is in final discussion stage. There are a few issues that need to be properly recorded. This will be concluded very soon. We (Defence Acquisition Committee) will be meeting soon to finalise this,” Parrikar added.

The new DPP was released last January. Since then the government has held several meetings with all stakeholders, including the private defence firms for their suggestions.

“The strategic partnerships will be owned by Indian entities although for joint ventures there will be foreign firms,” he said.

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