Aero India 2023: Modi Vows India's Defense Exports Will Touch $5 Billion By 2025
(Bloomberg) -- Indian Prime Minister Narendra Modi repeated his government's promise of boosting defense exports by more than 200% over the next three years as the South Asian nation looks to step up domestic manufacturing of military hardware.
“From about $1.5 billion in 2021-21, India targets to export $5 billion worth of military hardware by 2025,” Modi said at the opening of the five-day Aero India show. India has changed its laws to facilitate investments in the defense sector, making it a “reliable defense partner,” he added.
India's government is pushing an ambitious program of turning the nation into a defense manufacturing hub. The country has banned imports of over 300 defense systems and sub-systems in order to boost local players.
Efforts at self-reliance have been slow to take off, however. Between 2017 and 2021, India accounted for 11% of all global arms purchases making it the largest importer, according to a report of the Stockholm International Peace Research Institute.
India Is Running Out of Weapons to Deter China Due to Modi Order
The air show, held in the southern state of Karnataka, has drawn more than 800 exhibitors, including defense manufacturing giants like US-based Lockheed Martin Corp. and Boeing Co., Europe's Airbus SE, Safran SA and Dassault Aviation SA, according to a Ministry of Defense statement.
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