India aims to triple defense exports to USD5bn by 2024/25

  • India wants to more than triple annual defense exports to USD5bn by 2024/25 from USD1.5bn currently as it looks to ramp up domestic manufacturing, Prime Minister Narendra Modi said on Monday while inaugurating the Aero India show.
  • The country is looking to sign defense deals worth USD9bn at the biennial five-day event, its biggest ever, as its airlines try to complete jetliner purchases to meet civilian demand and press global aircraft manufacturers to produce more locally, mainly through partnerships.
  • India, for decades one of the world’s biggest importers of defense equipment, now exports to 75 countries, he added.
  • India’s airlines are also expanding, with Tata Group’s Air India expected to announce a potentially record deal to buy nearly 500 jets from Airbus and Boeing, worth more than USD100bn at list prices.

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