(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.
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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.
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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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