DefExpo2022 turns into money spinner for India Inc
By Our Special Correspondent
New Delhi, October 20: The 12th edition of DefExpo has turned out to be a stellar success for the Indian defence manufacturers as they signed MoUs on frenzied notes, for exports and technology transfer. The event is likely to give a major fillip to India’s aims for $22 billion of defence manufacturing by 2025.
“Four hundred and fifty-one (451) Memoranda of Understanding (MoU), Transfer of Technology agreements and product launches took place during the Bandhan ceremony of 12th DefExpo in Gandhinagar, Gujarat on October 20. Of the 451, there were 345 MoUs, 42 major announcements, 46 product launches and 18 ToTs,” said Ministry of Defence in an official statement.
It envisages investment worth Rs 1.5 lakh crore. Indian Air Force and Hindustan Aeronautics Limited concluded a contract for 70 HTT-40 indigenous trainer aircraft worth Rs 6,800 crore.
In his address at the ceremony, which culminated with three business days of DefExpo, Rajnath Singh, Defence Minister, asserted that the 12th edition of the event has written a new chapter on the growth and prowess of the Indian defence sector. He termed it as the beginning of a new era of self-reliance, in which a strong and prosperous ‘New India’ is fully ready to stand shoulder-to-shoulder with major world powers.
Scores of Defence Ministers and senior officials from many countries as well as a large number of business leaders from across the global attended the event in Gandhinagar, Gujarat. Singh emphasised that DefExpo 2022 served as a platform to enhance India’s defence cooperation with different countries and discuss issues of mutual interest. He shed light on his fruitful discussions with Defence Ministers of various countries, who actively participated in DefExpo, as also the successful conduct of Indian Ocean Region plus (IOR+) conclave.
Singh 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.
The Minister also stated that India will achieve the defence export target of Rs 35,000 crore by 2025.
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