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

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

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

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

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

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

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

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

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

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

Uttar Presh Chief Minister Yogi ityanath said state has signed 23 MoUs at DefExpo through Uttar Presh 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 Presh has emerged as a favourite investment destination," he said.

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

He said land banks at Aligarh and Jhansi, part of state’s defence manufacturing corridor, are booked.

Land is w available for industrial clusters along Purvanchal Expressway, Bundelkhand Expressway and Ganga Expressway, he said. PTI ABN SMI TDS ASH

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