India's target to achieve a turnover of Rs 1,75,000 Crore in Defence goods services by 2024: Rajnath Singh

The first ever hybrid Aero India begins with a majestic display of India's indigenous aerospace and defence capabilities.

The government of India has cleared the proposal for the procurement of 83 LCA Tejas aircrafts which are going to be produced in two production lines in Bengaluru with over 100 MSME suppliers from Karnataka supporting the programme.

The contract of 83 LCA Tejas MK1A was handed over to R Madhavan by DG Acquisition.

Singh handed over the model of LCA Tejas to R Madhavan. Tejas is said to be the backbone of the IAF fighter fleet.

Throwing the event open, Singh said that he was delighted to see the senior defence officials and business officials at the Aero India, the largest in the Asia.

Singh enumerated the highlights of Aero India 2021 including inauguration of India pavilion – based on the theme of Rotary wings.

He said, more than 200 MoU partnership agreements are expected to be signed at the Bandhan event on 5th February.

"I am very happy that HAL has got the orders for development of 83 new indigenous Light Combat Aircraft (LCA) – Tejas MK1A from Indian Air Force valued at more than Rs. 48000 Crore, it is probably the biggest "Make in India" Defence contract till date," he said.

Defence minister remarked that the IOR Defence Ministers' Conclave would reinforce the relevance of the region and its continued importance for stakeholders from the perspective of trade, security and f r e e d o m o f navigation. It is themed on enhanced peace and security.

"More than 500 companies have taken defence licenses. I appeal to set up manufacturing units in the country. We have set up two defence corridors, one in Uttar Pradesh and the other in Tamil Nadu.India. We have fastest growing start up eco systems.

I would like the global OEM to work hand in hand with Indian firms. Our aim is to make India the global leader in defence sector. Aero India will act as a catalyst in fulfilling the aspirations of the global players. Discuss security environment. It has a vast coastline but the interest lies beyond the coast," Singh elaborated.

Talking about the escalating tension on the Northern borders Singh said India has long witnessed unfortunate attempts to employ force to change status quo along our unresolved borders.

"India is vigilant and prepared to counter and defeat any misadventure to defend our people and the territorial integrity at all costs. She has a vast coastline, but our interests also lie beyond our shores. It includes our people who reside and work across continents, especially in IOR It is our bounden duty to remain capable and willing to assist them in times of natural calamities and security challenges," he said.

To achieve the twin goals of self-reliance and exports, the Defence minister said that India has set a target to achieve a turnover of Rs 1,75,000 Crore, including export of Rs. 35,000 Crore in Aerospace and Defence goods and services by the year 2024.

"India has the potential to become a reliable supplier of defence equipment to many of its friendly nations. We have a strong and diversified Micro, Small, Medium Enterprise sector with more than active 5000 units in this sector.

I am happy to inform, that the reforms aimed at bringing ease in doing business, have shown good results. India has recorded a jump of 14 positions against its rank of 77 in 2019 to be placed now at 63rd rank among 190 countries assessed by the World Bank," he added.

Singh said that the next three days will prove to be productive and fulfilling.

Giving an impetus to the Aatmanirbhar Bharat he said, "We have taken many steps to strengthen our security apparatus recently. Domestic manufacturing of bigger and complex defence platforms has now become the focus of our policy under the "Atmanirbhar Bharat Abhiyan". We plan to spend 130 Billion Dollar on military modernization."

The chief minister BS Yediyurappa expressed his elation over Bengaluru securing the prestigious LCA Tejas business deal of Rs 45,000 crore.

"It is moment of pride for Karnataka as we are conducting the event in Bangalore. Bangalore Aero India has made its name all over the world. The state govt over the years has created an ecosystem and infrastructure to conduct the event of this magnitude," he said in a speech.

"I also assure the participants that the state government has taken utmost care with regards to Covid to conduct the event. Bangalore, is the home town for defence and aerospace Industries. 67% of all helicopters are manufactured in Karnataka. The state has an aircraft maintenance facility. Karnataka is the first state on the country to announce an aerospace facility. The state also enjoys logistics network," he added.

Secratary, defence production, Raj kumar at the inaugural function of the Aero India 2021 said that the industrial growth was impeded due to the pandemic but India emerged out of it successfully.

"India has taken a lead to conduct the mega event under the leadership of Rajnath Singh and Narendra Modi. It is world's first hybrid event. This event will change the passive mood of the people and send positivity. It will forge partnerships. President of India, Ramnath Kovind will grace the valedictory ceremony on February 5," he stated.