UP Defence Corridor: Rs.50,00crore anticipated
Over 200 partnerships involving Signing of Memorandum of Understanding (MoUs), Transfer of Technology (ToT) and Product launches were concluded during DefExpo 2020 to achieve Rs.35,000 crore defence exports target in the next 5 years.
These include 14 MoUs signed at the 5th India-Russia Military Industrial Conference between Russian defence companies and Indian companies under the framework of Inter Government Agreement (IGA) between the two countries.
The Government of Uttar Pradesh also signed 23 MoUs and anticipate an investment of Rs.50,000 crore in the UP Defence Corridor.
This update was given by Minister of State for Defence Shripad Naik said in a written reply to Rajya Sabha on 16 Mar 2020.
The advantages in organizing such events are as under:
Defence Exhibitions provide an opportunity for the domestic manufacturing industry to showcase their range of products and services to the prospective foreign companies and try to become a part of their global supply chain.
Innovative technologies by Indian Start-ups were showcased to the world thus giving a fillip to the Indian Defence start-up manufacturing eco-system.
The exhibition received unprecedented response with 1,000+ exhibitors, 35+ Foreign Defence Ministers and over 12 lakh visitors.
He said 856 domestic and 172 foreign companies/exhibitors
participated in the 11th edition of Defexpo was organized from 5-9 February 2020 in Lucknow.
Aligned with the ‘Make in India’ vision, 292 Indian MSMEs participated at subsidised rates.
The exhibition generated a revenue of over Rs.90 crore.
Elaborating on the sector, the Minister said 158 contracts have been signed with Indian vendors and 100 contracts have been signed with foreign vendors for capital procurement of defence equipment for Armed Forces during 2015-16 to 2019-20 (up to January, 2020),
The defence equipment procured from Indian vendors over the last five years includes Helicopters, Radars, Electronic Fuzes, Bridges, Ballistic Helmets, Bullet Proof Jackets, TI Sights, Rocket launchers and Vehicles.
The defence equipment procured from Foreign vendors over the last five years includes Helicopters, Aircrafts, Search and Rescue Equipment, ULH, Air Defence Radars and Systems, Assault Rifles and Rockets, said Naik. fiinews.com
