India emerging as defence hub despite challenges, says PM Modi at Defence Expo
Prime Minister Narendra Modi kicked off the 10th edition of Defence Expo in Chennai that will showcase the country's ability in exporting defence systems and components
The four-day-long DefExpo is being held in the outskirts of Chennai, close to the temple town of Mahabalipuram. Admitting to challenges for defence sector, Modi said his government has increased FDI in the sector to 49 per cent to promote 'Make in India' for defence. He also launched a Defence Excellence Scheme to promote India as major military manufacturing hub. Addressing delegates from over 40 nations, the PM said India is committed to equip its armed forces with modern technologies.
"Our commitment to peace is as strong as our commitment to protecting our people & our territory. For this we are ready to take all necessary measures to equip our Armed Forces, including through the establishment of a strategically independent defence industrial complex."
Modi expressed happiness over the participation of over 600 firms in the expo.
"Wonderful to see that more than 500 Indian companies & over 150 foreign companies are here. More than 40 countries have sent their official delegations as well ", said PM Modi during his address.
Modi also stated that in less than four years, India has issued 794 more export permissions, for a total value of over 1.3 billion dollars.
Reiterating his efforts to help the private sector, PM said, his government de-notified some items earlier made exclusively by ordnance factories so that private sector can enter this space.
Expressing his willingness to establish a strategically independent defence industrial complex, PM said that his government was ready to take all necessary measures to equip the armed forces.
Taking a dig at the previous regime, PM Modi said, there was a time when critical issue of defence preparedness was hampered by policy paralysis.
The four-day-long DefExpo is being held in the outskirts of Chennai, close to the temple town of Mahabalipuram. Admitting to challenges for defence sector, Modi said his government has increased FDI in the sector to 49 per cent to promote 'Make in India' for defence. He also launched a Defence Excellence Scheme to promote India as major military manufacturing hub. Addressing delegates from over 40 nations, the PM said India is committed to equip its armed forces with modern technologies.
"Our commitment to peace is as strong as our commitment to protecting our people & our territory. For this we are ready to take all necessary measures to equip our Armed Forces, including through the establishment of a strategically independent defence industrial complex."
Modi expressed happiness over the participation of over 600 firms in the expo.
"Wonderful to see that more than 500 Indian companies & over 150 foreign companies are here. More than 40 countries have sent their official delegations as well ", said PM Modi during his address.
Modi also stated that in less than four years, India has issued 794 more export permissions, for a total value of over 1.3 billion dollars.
Reiterating his efforts to help the private sector, PM said, his government de-notified some items earlier made exclusively by ordnance factories so that private sector can enter this space.
Expressing his willingness to establish a strategically independent defence industrial complex, PM said that his government was ready to take all necessary measures to equip the armed forces.
Taking a dig at the previous regime, PM Modi said, there was a time when critical issue of defence preparedness was hampered by policy paralysis.