India Development News & Foreign Investment Opportunities

India targets US$5bn defence exports

BIMSTEC shown indigenous equipment

0

BIMSTEC shown indigenous equipment

 

Indigenously developed Man Portable Anti-Tank Guided Missile (MPATGM) tested on 16 Sept 2018.

 

India has set an ambitious defence equipment export target of US$5 billion by 2025 to become one of the world’s top five defence producers.

The target is set under the Draft Defence Production Policy 2018, which creates an opportunity for the country to position itself as an economically viable option for BIMSTEC Nations to meet their defence requirements, said the Federation of Indian Chambers of Commerce and Industry (FICCI).

FICCI led more than 250 indigenously developed defence related equipment in an exhibition held during the Inaugural Edition of the BIMSTEC Nations Military Field Training Exercise ‘MILEX – 2018’ 16-18 September 2018.

The participating companies include MSMEs, Start-Ups, leading Private Sector players, Ordnance Factory and the DRDO. This initiative will also provide an opportunity for indigenous industries to enter the India?s defence production.

Vivek Pandit, FICCI’s Assistant Secretary General, said: “It is a great honour for FICCI to partner with the Indian Army to organise this first ever ‘Equipment Display’ on the occasion of visits by BIMSTEC Nations’ Army Chiefs and officers.

“I am certain our industry can not only meet the requirements of our army, but also those of our friendly nations of the BIMSTEC group. We are confident that the equipment display will translate into tangible business opportunities.” fiinews.com

Leave A Reply

Your email address will not be published.