Prime Minister (PM) Narendra Modi on Wednesday (5 February) inaugurated the nation's mega defence exhibition DefExpo 2020 being held in Lucknow, with over 1,000 national and international defence major firms participating in it.
The latest edition of the five-day biennial exhibition is going to witness a wide gamut of the nation's aerospace, defence and security interests being covered with special focus at displaying the strong partnership between the public and private sector operating in the sector, including the small and medium enterprises.
Speaking at the inaugural ceremony, the Prime Minister said his government aimed at raising country’s defence exports to $5 billion in next five years.
Calling upon the investors to put in their money into the sector, he said the formation of the post of the Chief of Defence Staff and the Department of Military Affairs is going to further ease the process of demand and manufacturing.
The five-day event is to cover all spectrum of the country's aerospace, defence and security interests.
The main theme of the Expo is 'India: The Emerging Defence Manufacturing Hub' and the primary focus is on 'Digital Transformation of Defence'.
Speaking at the event, Union Defence Minister and Bharatiya Janata Party MP from Lucknow Rajnath Singh said, “As part of our efforts to unleash the potential in defence production, we have liberalised Foreign Direct Investment (FDI) cap to 49% through the direct route, and above that upto 100 % through the government route.”
He too, in a bid to attract investors, said, “We have already commenced the single window clearance for setting up industries. Alongside, we have made improvements in infrastructure development, skilling man power and advancing connectivity.”
According to Singh, this DefExpo will strengthen India’s relations with nations like USA, Russia, and Korea and will also lead to investment in Uttar Pradesh.
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