Prime Minister Narendra Modi opens Asia's biggest air show

Bengaluru: India rejuvenated its defence production in the last eight-nine years and will now move fast to join the world's largest defence manufacturing nations riding on favourable economic policies, Prime Minister Narendra Modi said on Monday.

After inaugurating Asia's biggest air show 'Aero India 2023' at the Yelahanka Air Force station complex on the outskirts of Bengaluru, Modi said the event, which was earlier considered just a window to "sell to India", is showcasing the nation's strength as a potential defence partner and noted that India is now exporting defence equipment to 75 countries.

Listing various reforms and achievements in the sector, Modi sought to project India as an attractive investment destination to produce military hardware and said it is looking at increasing defence exports from USD 1.5 billion to USD 5 billion by 2024-25.

Two F-35A supersonic multirole aircraft of the US Air Force were among the major attractions at the event.

In the presence of top executives of several Indian and leading foreign defence majors, the PM said made-in-India platforms like Tejas Light Combat Aircraft and INS Vikrant are shining examples of India's true potential in the defence manufacturing sector.

Modi said that Bengaluru's sky is "bearing testimony to the capabilities of New India".

"This new height is the reality of New India, today India is touching new heights and transcending them too," he said.

Highlighting the Indian Air Force's commitment to self-reliance in defence, Chief of Air Staff Air Chief Marshal VR Chaudhari flew the indigenously-built Tejas light combat aircraft during an air show.

The aircraft was one of the 10 Tejas that participated in the flypast witnessed by the prime minister Army chief General Manoj Pande flew in a Light Combat Helicopter.

"The New India of the 21st century will neither miss any opportunity nor will it lack any effort. We are geared up. We are bringing a revolution in every sector on the path of reforms. The country, which was the biggest defence importer for decades, is now exporting defence equipment to 75 countries of the world," he said.

Over 700 Indian and foreign defence companies besides delegates from around 100 countries which included several Defence Ministers as well are participating in the five-day exhibition.

Modi also described 'Aero India' as an example of India's growing potential. "The deafening roar of Aero India also has the echo of India's 'Reform, Perform and Transform'. Today, the kind of decisive government, the kind of stable policies, the kind of clear intention in policies that India has, is unprecedented. Every investor should take full advantage of this supportive environment in India," he said.

Officials said around 250 business-to-business agreements are expected to be firmed up at Aero India which is estimated to unlock investment to the tune of around Rs 75,000 crore.