200 Mous signed at DefExpo, USD 5 bn in Indian defence exports by 2024: Rajnath Singh

Addressing an event at DefExpo-2020 here, Defence Minister Rajnath Singh said the Centre’s policy for the sector has begun delivering results. He also said so far 200 agreements have been signed during this DefExpo and described the outcome as ‘historic’

Lucknow: Defence Minister Rajnath Singh on Friday said over 200 MoUs have been signed so far at the DefExpo here, asserting that the country is on its way to achieve the target of USD 5 billion in defence exports by 2024.

Addressing an event at DefExpo-2020 here, he said the Centre’s policy for the sector has begun delivering results.

“In 2018-19, defence exports were Rs 10,745 crore, which was seven times the exports in 2016-17. Seeing the success of this Defence expo, I am sure that by 2024 we will achieve the target of five billion dollars in defence exports,” the minister said.

He said so far 200 agreements have been signed during this DefExpo and described the outcome as “historic”.

Defence Secretary Ajay Kumar said the initial target for the Lucknow DefExpo was 100 Memorandums of Understanding and business agreements, but till now 200 MoUs have been signed.

Kumar described it as the beginning of a new chapter in this sector.

Indigenously developed products including artillery guns, helicopters, anti-tank missiles and bulletproof jackets are showcased at the DefExpo.

Rajnath Singh said this reflected Indian capabilities in defence production, according to a press release.

Defence manufacturing firms from across the world are participating in the five-day event inaugurated on Wednesday by Prime Minister Narendra Modi, who indicated that the country is eyeing the export target of USD 5 billion by 2024.

Uttar Pradesh Chief Minister Yogi Adityanath said the state has signed 23 MoUs at the DefExpo through the Uttar Pradesh Expressways Industrial Development Authority (UPIEDA).

This is is expected to bring in an investment of Rs 50,000 crore and generate 2.50-3 lakh jobs, he said.

“Uttar Pradesh has emerged as a favourite investment destination,” he said.

The chief minister said that during the last two and a half years, the state government has attracted investment of more than Rs 2.5 lakh crore, which will help provide employment to over 33 lakh people.

HAL says received IOC for Light Utility Helicopter

Lucknow: The Hindustan Aeronautics Limited (HAL) has received the Initial Operational Clearance for production of the Light Utility Helicopter, which is set to replace the ageing fleet of Cheetah and Chetak helicopters of the Indian armed forces, the company said on Friday.

R Madhavan, CMD, HAL, received the Initial Operational Clearance (IOC) document from G Sateesh Reddy, Secretary, Department of Defence R & D, and Chairman, DRDO, at the Bandhan programme held during the ongoing DefExpo 2020 here on Friday, a statement issued by the HAL said.

The document was handed over in the presence of Defence Minister Rajnath Singh, Uttar Pradesh Chief Minister Yogi Adityanath and others, it added.

The LUH will soon replace the ageing fleet of Cheetah and Chetak helicopters. Madhavan said the development was a momentous occasion for the HAL.

“It reinforces our commitment towards indigenous R&D programmes on self-reliance and enhancing operational effectiveness of the Indian armed forces. The HAL is fully geared up to fulfil the requirements of its customers in a time-bound manner,” he said.

$5 bn defence export target to be achieved by 2024

Lucknow: Defence Minister Rajnath Singh on Friday expressed confidence that the country will achieve the target of five billion dollar worth of defence exports by 2024.

“Today MoUs signed by us will strengthen defence industrial base and will prove beneficial for the country. You all must be convinced that our policy in defence sector has started giving results,” he said at an event – Badhan – at the Defexpo.

“In 2018-19, defence export was Rs 10,745 crore, which was seven times the export in 2016-17. Seeing the success of this Defence expo, I am sure that by 2024, we will achieve the target of five billion dollar worth of defence exports,” the minister said.

He said till now over 200 agreements have been concluded in this Defexpo and described it as “historic”.

Chief Minister Yogi Adityanath said through the Uttar Pradesh Expressways Industrial Development Authority (UPIEDA), 23 MoUs were signed and Rs 50,000 crore investment is expected. Besides, it is likely to generate 2.50-3 lakh jobs, he said.

“Uttar Pradesh has emerged as a favourite investment destination,” he said.

Defence Secretary Ajay Kumar said during this Defexpo, initially a target of signing 100 MoUs and business agreements was fixed, but till now over 200 MoUs have been signed which is the beginning of a new chapter in this sector.

Defence manufacturing firms from across the world are participating in the five-day mega event, which was inaugurated by Prime Minister Narendra Modi on Wednesday.