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14 April 2018, 01:50 | Katrina Lee
Modi to formally inaugurate Defence Expo on Thursday
Formally inaugurating IDEX (Innovation for Defence Excellence) at the sidelines of DefExpo 2018 in Chennai on Thursday, Modi added that the country had seen the damage caused by laziness and incompetence.
India has never desired to covet the territory of any other nation, rather has been an apostle of peace, he said. You would have also seen that we have brought the process to a successful conclusion with a contract that will provide a boost to defence manufacturing in India.
This is the first exhibition of this scale which is aimed at transforming India into a hub for manufacturing military equipment and achieve a turnover of Rs 1,70,000 crore in military goods and services by 2025.
Stating that his government's commitment to peace is "just as strong as our commitment to protecting our people and our territory", Modi emphasised that the BJP government in Delhi has taken bold action to meet the immediate critical requirements in the defense sector.
Explaining to national and global delegations about the bold actions taken to meet the immediate critical requirements of the country, the Prime Minister added that the present government had initiated a new process to procure 110 fighter aircraft.
Modi said share of Indian vendors in the procurement orders placed through defence capital expenditure has gone up from about 50 per cent during 2011-14 to over 60 per cent in last three years.
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Speaking about "Innovation for Defence Excellence", Modi assured that the move would help set up Defence Innovation Hubs throughout the country to provide necessary incubation and infrastructure supports for start-ups. You need the government to grant a license to manufacture.
The collective presence of major U.S. manufacturers, technology innovators, supply-chain leaders and even firearms producers exhibiting at the show would be a strong indication of how important India was to the US. Dozens of foreign and local companies and defence public sector undertakings are hard selling their products to the Indian armed forces and foreigners, including defence attaches.
Quoting figures to bolster his arguments, Mr. Modi said in May 2014, the total number of defence export permission granted stood at 118, for a total value of 577 million dollars.
The Prime Minister said, the Defence Procurement Procedure (DPP) was revised with many specific provisions for stimulating growth of the domestic defence industry and it will be release soon.
"We are committed to building a defence industrial complex that has room for everyone - public sector, private sector, as well as foreign firms", he said.
He said the government has also de-notified some items earlier made exclusively by Ordnance Factories, so that the private sector, especially the micro, small and medium enterprises can enter this space. "Two defence corridors (one in Tamil Nadu, the other in Uttar Pradesh) will increase economic development and the growth of the defence industrial base. In less than four years, we have issued 794 more export permissions, for a total value of over $1.3 billion", Modi said.
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