Prime Minister Narendra Modi on Monday urged the domestic private sector to invest in the defence space while underlining that the government will scale up defence exports to $5 billion by 2024-25 from the existing $1.5 billion.

In his inaugural address at the Yelahanka Air Force station, the venue of Aero India 2023 show, Prime Minister Modi said India is not just a market for defence companies, but a potential defence partner.

The PM spoke of the transformation the defence sector has undergone in the last 8-9 years, and said the aim is to take defence exports from $1.5 billion to $5 billion by 2024-25. Defence Minister Rajnath Singh, too, had quoted a similar figure to stress the government’s resolve to push defence exports during his curtain raiser presser on Sunday evening.

“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”, Modi said. He urged the industry not to miss the opportunity to invest in defence sector which will create new opportunities domestically and in many other countries.

Reaching out to the foreign delegates, including defence ministers and armed forces personnel and representatives of global aerospace companies, the PM outlined that “best innovations”are taking place with “honest intention” which appeared to be an oblique attack on certain countries that are suspected to be using their equipment for survelliance in disguise.

Aero India, Modi said, reflected the global acknowledgement of Bharat’s growing influence. “Aero India’s deafening roar echoes India’s message of Reform, Perform and Transform”, the PM remarked. He mentioned the entire world is taking note of the reforms made for ‘Ease of Doing Business’ in India and touched upon the various steps taken to create an environment favouring global investments as well as Indian innovation.

The PM was presented with a dazzling flying display from fighter aircrafts, helicopters and air surveillance platforms besides aerobatics of Indian Air Force’s Surya Kiran Aerobatic Team (SKAT). Later, he along with Defence Minister Rajnath Singh and others took a round to see exhibition at some of the stalls, especially of Hindustan Aeronautics Limited (HAL) to see indigenous products on display such as the LCA Tejas.

More than 100 nations, over 700 exhibitors, including Indian MSMEs and startups along with the well-renowned companies of the world are participating at the largest ever Aero India which will continue till February 17. 

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