DefExpo May Attract Investment Of Rs 1.5 Lakh Crore

On Thursday, over 400 Memoranda of Understanding (MoU), Transfer of Technology (ToT) agreements, and product launches were signed during the Bandhan ceremony of the 12th DefExpo in Gandhinagar, Gujarat.

There were 345 MoUs, 42 major announcements, 46 product launches and 18 ToTs among the 451 and expecting an investment of Rs 1.5 lakh crore. The Indian Air Force and Hindustan Aeronautics Limited (HAL) have signed a contract worth Rs 6,800 crore for 70 HTT-40 indigenous trainer aircraft.

On the occasion, Defence Minister Rajnath Singh said that the 12th edition of the event had written a new chapter on the growth and prowess of the Indian defence sector. He termed it the beginning of a new era of self-reliance, in which a strong and prosperous ‘New India’ is ready to stand shoulder-to-shoulder with major world powers. The grand success of the event is proof that India is well on course to become a global defence manufacturing hub in the times to come.

He further said DefExpo served as a platform to enhance India’s defence cooperation with different countries and discuss issues of mutual interest and termed IOR as an area of strategic importance for India and reiterated the Prime Minister’s vision of Security and Growth for All in the Region (SAGAR) to maintain peace, security and prosperity in IOR.

Minister expressed confidence that India will achieve the defence export target of Rs 35,000 crore by 2025 and hoped that the enthusiasm of DefExpo will be carried forward in new areas through more collaborations, which will help in advancing India as a leading defence manufacturer and exporter and realising the government’s vision of 2047.