BENGALURU: Indian Prime Minister Narendra Modi on Monday set out ambitions to more than triple annual defence exports to $5 billion over the next two years, as arms firms flocked to a major air show for a slice of the nation’s massive import budget.
The country is looking to sign defence deals worth 750 billion rupees ($9 billion) at the biennial five-day Aero India event, its biggest ever, as its airlines try to complete jetliner purchases to meet civilian demand and press global aircraft manufacturers to produce more locally, mainly through partnerships.
India has been one of the world’s biggest importers of defence equipment for decades, but it has punched below its weight in the global arms export market.
New Delhi’s export ambitions are a sign of its growing clout as it uses the leverage of huge imports to attract investment in its domestic industry.
“Today, India is not just a market for defence companies, it is also a potential defence partner,” Modi said in a speech at the show. “I call on India’s private sector to invest more and more in the country’s defence sector.” India exports defence products to 75 countries, he added.
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