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Economy and Finance

Economy and Finance

Target is to achieve defence exports worth Rs 25,000 crores by 2024: Rajnath Singh

13 Feb 2023 Zinkpot 144

CNBCTV18 -  Union Defence Minister Rajnath Singh on Sunday said,"Our main aim is to create a vibrant and world class domestic defence industry so that we can achieve the goals of self reliance in the defence as well as the overall development of the nation." Singh was addressing a press conference in Bengaluru ahead of Aero India. Read more

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Aero India 2023

  •  The five-day Aero India show, in its biggest avatar yet, began at the Air Force Station in Yelahanka, Bengaluru on February 13th. Prime Minister Narendra Modi inaugurated the 14th edition of the biennial show.
  • On the theme 'The runway to a billion opportunities', it seeks to display India's growth in aerospace and defence capabilities. Flying displays are also scheduled on all five days. Union Defence Minister Rajnath Singh said that Aero India is a business event, it additionally aims to strengthen India's relations with other countries.
  • 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 Original Equipment Manufacturers are expected to attend the event. MSMEs and start-ups in the field will also be present.
  • On behalf of the Department of Defence Production of the Ministry of Defence, Aero India is being organised by Hindustan Aeronautics Limited (HAL) this year. Major exhibitors include defence and aircraft manufacturing companies like Airbus, Boeing, Dassault Aviation, Lockheed Martin, Israel Aerospace Industry, BrahMos Aerospace, Army Aviation, HC Robotics, SAAB, Safran, Rolls Royce, Larsen and Toubro, Bharat Forge Limited, Bharat Electronics Limited (BEL), Bharat Dynamics Limited (BDL) and BEML Limited.
  • Aim: The event aims to promote 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). It will integrate domestic MSMEs and start-ups in the global supply chain and attract foreign investments, including partnerships for co-development and co-production.
  • What is expecting at this year's exhibition?  A number of seminars will be held - on Harnessing the Potential of Ex-servicemen for Indian Defence Industry, India's Defence Space Initiative, Opportunities for shaping the Indian private space ecosystem, Indigenous development of futuristic aerospace technologies, and more.
  • A Defence Ministers' Conclave will be hosted on February 14th. Defence Ministers of friendly foreign countries will participate in the meeting, which has been organised on the theme 'Shared Prosperity through Enhanced Engagements in Defence' (SPEED'.
  • About 251 MoUs, with an expected investment of ₹75,000 crore, are likely to be signed for partnerships between various Indian and foreign defence companies and organisations during the Bandhan ceremony on February 15.
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