DefExpo 2020: India’s target in Defence Sector is 5 billion USD in next 5 years
The 11th edition of DefExpo (Defence Exhibition) was inaugurated by PM Modi on February 5, 2020. At the inaugural speech, PM Modi announced that India will work towards increasing its Defence economy to 5 billion USD.
Highlights
India announced at the DefExpo that it has aimed to develop 25 products based on Artificial Intelligence in next 5 years. India recently shifted towards “Assemble in India” from “Make in India”. Therefore, the new mantra was coined at the DefExpo called “Make in India, for India and for the world”. This is because, “Assemble in India” aims at importing raw materials and assembling in India and exporting the finished goods to different parts of the world.
Targets set
India had already set an export target of Rs 35,000 crores in next 5 years. At the DefExpo, India has announced to improve the sector to 5 billion USD sector. India is very much capable of achieving such ambitious targets. This is because in the last two years the defence exports of the country has been increased to Rs 17,000 crores.
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Month: Current Affairs - February, 2020