Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ News / India/  Aero India 2023: India aims to take defence exports to $5 billion by 2024-25, says PM Modi

Prime Minister Narendra Modi inaugurated the 14th edition of Asia's largest aero show -- Aero India 2023 - in Bengaluru today. The five-day event will focus on displaying indigenous equipment/technologies and forging partnerships with foreign companies.

“The sky of Bengaluru is becoming a witness to the capability of New India. Bengaluru's sky is giving a testimony that the new height is the truth of New India. Today, the nation is touching new heights and even crossing it," says PM Narendra Modi.

“Aero India is an example of the expanding capabilities of India. The presence of around 100 nations here shows that the trust of the world in India has increased. More than 700 exhibitors from India and the world are participating. It has broken all the past records," PM Modi further said in his inaugural address.

Aero India 2023: Main key takeaways

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," PM Modi said after inaugurating Aero India 2023 here.

“Aero India reflects the new approach of New India. There was a time when it was considered just a show. In the past few years,the nation has changed this perception. Today, it's not just a show but also India's strength. It focusses on scope of Indian defence industry and self-confidence," PM Modi said.

“Today, India is not just a market for defence companies in the world. India is a potential defence partner today. This partnership is even with those nations that are much ahead in the defence sector, nations that are looking for a dependable partner for their defence requirements," PM Modi said.

According to the Prime Minister's Office (PMO), the theme of Aero India 2023 is "The Runway to a Billion Opportunities".

"Prime Minister's emphasis on Aatmanirbharta in the Indian Defence sector will also be displayed, as the event will showcase the country's progress in design leadership, growth in UAVs Sector, Defence Space and futuristic technologies. Further, the event will promote the export of indigenous air platforms like Light Combat Aircraft (LCA)-Tejas, HTT-40, Dornier Light Utility Helicopter (LUH), Light Combat Helicopter (LCH) and Advanced Light Helicopter (ALH)," the PMO said in a statement.

The event will also help in integrating domestic MSMEs and start-ups in the global supply chain and attract foreign investments including partnerships for co-development and co-production.

Aero India 2023 will witness participation by more than 80 countries. Ministers of about 30 countries and 65 CEOs of global and Indian OEMs are likely to participate in Aero India 2023.

Aero India 2023 exhibition will witness the participation of more than 800 Defence companies including around 100 foreign and 700 Indian companies.

The Indian companies participating in the exhibition include MSMEs and start-ups, which will showcase the advancement of niche technologies, and growth in aerospace and defence capabilities in the country.

Major exhibitors in Aero India 2023 include Airbus, Boeing, Dassault Aviation, Lockheed Martin, Israel Aerospace Industry, BrahMos Aerospace, Army Aviation, HC Robotics, SAAB, Safran, Rolls Royce, Larsen & Toubro, Bharat Forge Limited, Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), Bharat Dynamics Limited (BDL) and BEML Limited.

The focus will be on showcasing indigenous equipment or technologies and forging partnerships with foreign companies, in line with the 'Make in India, Make for the World' vision for a secure and prosperous future.

Addressing the curtain raiser press conference in Bengaluru on Sunday, Defence Minister Rajnath Singh stated that the Aero India 2023 will showcase the country's manufacturing prowess and the progress achieved towards realising the 'Aatmanirbhar Bharat' as envisioned by the Prime Minister.

"This event will significantly contribute to the development of the aerospace and aviation sector," he said.

Singh said that February 13 to 15 will be business days, while 16 and 17 have been set as public days to allow people to witness the show.

The event comprises a Defence Ministers' Conclave; a CEOs Round Table; a Manthan start-up event; Bandhan ceremony; breath-taking air shows; a large exhibition; India Pavilion and a trade fair of aerospace companies.

"Organised at Air Force Station, Yelahanka in a total area of around 35,000 sqm, the event, the biggest-ever till date, 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 the aerospace and defence sector," the Ministry said.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 13 Feb 2023, 11:24 AM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App