Article Posted on : - Nov 05, 2019

NEW DELHI (PTI): Defence Minister Rajnath Singh on Monday said India's defence sector was exploring "mutually beneficial" partnerships with friendly countries to set up industries at home and abroad.

In a major outreach to top defence manufacturing industries of the world, Singh, speaking at the Ambassadors' Round Table on DefExpo 2020, to be held in Uttar Pradesh next year, said the event will not only provide countries with an opportunity to showcase their equipment and platforms, but they will also be able to explore the strength and capabilities of India's defence industry for meeting operational goals.

"The DefExpo will be an opportunity to foster partnerships and be part of shared prosperity. These strong ties can boost investment, expand manufacturing, raise the level of technology and accelerate the economic growth of the respective countries. India's defence sector has matured and is exploring mutually beneficial partnerships with friendly nations to set up industries in the country and abroad," he said.

The Round Table was organised to brief the representatives of foreign missions based in New Delhi about the arrangements being made for the DefExpo and elicit suggestions from them to further improve the experience, a statement from the Defence Ministry said.

The 11th DefExpo will be held in Lucknow from February 5-8, 2020.

The defence minister said the event will showcase the government's intent to achieve a turnover of USD 26 billion in aerospace and defence goods and services by 2025.

He added that the event will showcase India's plans for defence industrial corridors in Uttar Pradesh and Tamil Nadu, where investment commitments of about USD 1 billion have already been received.

More than 100 business events and seminars are being planned with over 1,000 exhibitors expected to take part in the DefExpo.

The minister said due to the policy reforms undertaken by the government, defence production in both public and private sectors had reached a record volume of Rs 80,502 crore in 2018-19.

He set the target of Rs 90,000 crore for 2019-20.

"We achieved an export turnover of around Rs 10,700 crore in 2018-19, with the target of this year pegged at Rs 15,000 crore," Singh said.