Prime Minister Narendra Modi Inaugurates Aero India 2023 with hopes of local production boost

Prime Minister Narendra Modi inaugurated the 14th edition of its flagship aero show in Bengaluru, an event seen to be a great business opportunity when New Delhi is looking to push indigenous products, modernise Soviet-era equipment and as domestic carriers add fleet.

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Aero India 2023: Theme:

The theme of Aero India 2023 is “The Runway to a Billion Opportunities”.

About Aero India 2023:

Aero India 2023, Asia’s largest aero show, will run from February 13 to February 17, displaying locally-produced equipment and technologies to attract partnerships with foreign companies. The event will include aerial displays by aircraft and helicopters, as well as a large exhibition and trade fair of aerospace and defence companies.

About 809 companies from 98 countries are likely to take part in the event.

India’s Defence Indigenisation:

• India, which was for decades an importer in defence sector, is now exporting defence equipment to 75 countries. Defence equipment exports in the last five years have increased six-fold, Modi said in his inaugural address.
• India has crossed $1.5 billion of defence equipment exports in 2021-2022. “Our target is by 2024-2025, the defence exports amount will rise to up to $5 billion,” Modi said.
• India, under its “Make in India” policy, has been keen on manufacturers such as Lockheed Martin Corp, Boeing, and Airbus to make more than parts in the country and share technology.

• The share of domestic procurement in the total procurement has been on an uptrend. In 2018-19, the domestic procurement stood at 54% of the total procurement, this figure jumped to 59% in 2019-20 and to 64% in 2020-21. This year it has been increased to 68% for domestic procurement, of this 25% budget has been earmarked for procurement from private industry.
• With focus of Government on indigenisation and procurement of defence products from the domestic resources, the expenditure on defence procurement from foreign sources has reduced from 46% to 36% in the last four years i.e. from 2018-19 to 2021-22.
• Till October 2022, a total of 595 Industrial Licences have been issued to 366 companies operating in Defence Sector.
• Government has also established two Defence Industrial Corridors, one each in Uttar Pradesh and Tamil Nadu to attract investments in Aerospace & Defence sector and established a comprehensive defence manufacturing ecosystem in the country.