68% of defence budget allocated for procuring indigenous equipment: PM
Oct 19, 2022, 12:48 IST
Prime Minister Narendra Modi on Wednesday assured the new generation entrepreneurs in the defence equipment world that the 'Made in India' products will get priority in defence procurement.
Sixty-eight per cent of the defence budget has been earmarked for indigenous products, he added.
While inaugurating the defExpo-2022 here, the Prime Minister also launched the Indian Military Airworthiness Procedures (IMAP), HTT-40, Indian Defence Mart and defence Space Msn besides virtually laying the foundation stone for the DEESA Airfield.
He said the country was once a net importer of defence equipment, but over the last eight years, defence manufactured in India is in demand across the world, and the exports have grown eight times. It has touched USD 1.59 billion, and the country targets to achieve the USD 5 billion mark in the next five years.
Citing the success of the Brahmos missile, Prime Minister Modi said it is placed in one of the best technology missile categories and many countries have evinced interest in buying it.
All three defence wings and indigenous companies' innovations are putting the nation on global armament nation. INS Vikrant aircraft carrier, Lightweight Helicopter 'Prachand' and tanks and indigenous combat guns are the pride of India, he said.
"In the coming years, Space Diplomacy is going to take India to a new height as our satellites will be sharing real-time access with 60 developing countries. Maritime Security is a global priority and India has taken initiative in maritime security in the Indian Ocean region, in which 46 friendly countries are working on it," he said.
Some 450 Memoranda of Understandings and agreements are going to be signed during these four days of DefExpo-2022.
The Prime Minister, without naming the Congress, said, "Earlier pigeons were released, now Cheetah is now released, this is the difference of the government."
He added in the past years, "our majority budget was going into importing defence equipment, now the time has changed. All three defence wings have made a list of 411 equipment which will be purchased from domestic manufacturers, only select items will now be imported," he added.
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Sixty-eight per cent of the defence budget has been earmarked for indigenous products, he added.
While inaugurating the defExpo-2022 here, the Prime Minister also launched the Indian Military Airworthiness Procedures (IMAP), HTT-40, Indian Defence Mart and defence Space Msn besides virtually laying the foundation stone for the DEESA Airfield.
He said the country was once a net importer of defence equipment, but over the last eight years, defence manufactured in India is in demand across the world, and the exports have grown eight times. It has touched USD 1.59 billion, and the country targets to achieve the USD 5 billion mark in the next five years.
Citing the success of the Brahmos missile, Prime Minister Modi said it is placed in one of the best technology missile categories and many countries have evinced interest in buying it.
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"In the coming years, Space Diplomacy is going to take India to a new height as our satellites will be sharing real-time access with 60 developing countries. Maritime Security is a global priority and India has taken initiative in maritime security in the Indian Ocean region, in which 46 friendly countries are working on it," he said.
Some 450 Memoranda of Understandings and agreements are going to be signed during these four days of DefExpo-2022.
The Prime Minister, without naming the Congress, said, "Earlier pigeons were released, now Cheetah is now released, this is the difference of the government."
He added in the past years, "our majority budget was going into importing defence equipment, now the time has changed. All three defence wings have made a list of 411 equipment which will be purchased from domestic manufacturers, only select items will now be imported," he added.
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Over 50 lakh vehicles deregistered in Delhi till Oct 17 this year