Zee Media Bureau
India would have to boost defence manufacturing in order to equip itself for the “need of the future,” Prime Minister Narendra Modi said while inaugurating “Aero India” air show.
Aligning the defence sector with his government's “Make in India” campaign, Modi said 60 percent of India's defence equipment is currently imported with “tens of billions spend on acquisitions from abroad.”
“At least 100,000 to 120,000 jobs will be created if domestic procurement is raised,” Modi said. “Defence output will double if domestic procurement goes up from 40 percent to 70 percent in next five years.”
Modi said innovations had not taken place in India's defence sector for the past three decades, and India must develop technology to emerge as a global centre of defence. He said the government should make sure tax system does not discriminate against manufacturers, as compared to importers.
“We must become an exporter of defence equipment,” Modi said. “Defence systems across the world are tightening and they can use India as part of the global supply chain to reduce costs.”
Modi is the second Prime Minister to inaugurate the event after H D Deve Gowda in 1996.
Over 300 foreign firms along with 54 ministerial and other high-level delegations from several countries are participating in this year's event, said to be the largest ever air show to be hosted so far in India.
The US with 64 companies will have the largest presence at the show in which 33 other countries are taking part. Behind the US is France with 58 companies, UK 48, Russia 41, Israel 25 and Germany 17, organisers said.
