DefExpo-2020 Outcomes reported at the Parliament
On March 16, 2020, the Raksha Rajya Mantri Shri Shripad Naik submitted the outcomes of DefExpo-2020 at Rajya Sabha as a written reply. This year DefExpo-2020 was organized in Lucknow, Uttar Pradesh under the theme
Theme: Digital Transformation of Defence
Outcomes
This year more than 856 domestic defence companies and 172 foreign companies participated at the DefExpo-2020. More than 200 partnerships and MoUs were signed at the exhibition. This includes 14 MoUs that were signed at the 5th India-Russia Defence Conference. The Uttar Pradesh Government alone signed 23 MoUS with an investment of Rs 50,000 crores. The investments are to be made in the UP Defence Corridor.
Benefits of the Event
The DefExpo-2020 is aligned with Make in India scheme. Therefore, 292 Indian MSMEs participated at subsidized rates. The event acted as a platform for the Defence start ups to show case their innovations.
Measures of GoI
The Government of India has taken several measures to increase Defence Exports and also improve growth of Defence industry. Two Defence Industrial Corridors were established one in Uttar Pradesh and other in Tamil Nadu.
Defence Investor Cell was created in 2018 to provide information and guidance to innovators, start ups, investors. FDI policy of defence sector was revised and 100% FDI were allowed through Government routes and 49% under automatic routes.
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Month: Current Affairs - March, 2020