Prime Minister Narendra Modi, on Monday, declared the government’s resolve to increase India’s defence exports from $1.5 billion to $5 billion by 2024-25 and called upon the private sector to invest in the defence sector which, he said, would create new opportunities for them in the country and abroad.

“The new India of the 21st century will neither miss any opportunity nor will it lack any effort,” he said while noting the revolution brought in every sector with the help of reforms.

He underlined that the nation, which used to be the largest defence importer for decades, has now started exporting defence equipment to 75 countries and referred to the transformation of the defence sector in the last 8-9 years.

The PM was inaugurating the 14th edition of Aero India 2023 at Air Force Station, Yelahanka in Bengaluru. The theme of Aero India 2023 is “The Runway to a Billion Opportunities’ and it will witness participation by more than 80 countries along with 800 defence companies, including around 100 foreign and 700 Indian companies.

In line with the PM’s vision of ‘Make in India, Make for the World’, the event will focus on displaying indigenous equipment/technologies and forging partnerships with foreign companies.

Addressing a gathering, Modi said that Bengaluru sky was 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.

He observed that Aero India 2023 was a shining example of India’s growing capabilities and the presence of so many nations at this event reflected the trust that the entire world has in India. Throwing light on the theme of Aero India 2023, he said the strength of ”Atmanirbhar Bharat” has kept growing with each passing day.

The PM underscored the importance of Aero India taking place in Karnataka, the hub of India’s technological advancement. He said that this would open new avenues for the youth of Karnataka in the aviation sector. He called upon the youth to deploy their technological expertise in the field of defence to strengthen the country.

He recalled when Aero India used to be ‘just a show’ and a window to ‘sell to India’ but the perception has changed now. “Today, Aero India is India’s strength and not just a show,” the PM said as he noted that it not only showcased the scope of the defence industry but also the self-confidence of India.

Emphasising that India’s successes were reflected in its capabilities, he said Tejas, INS Vikrant and advanced manufacturing facilities in Surat and Tumkur were examples of Atmanirbhar Bharat with which the world’s new alternatives and opportunities were linked.

“The India of today thinks fast, thinks far and takes quick decisions,” the PM said as he drew the analogy of India in ‘Amrit Kaal’ to a fighter jet pilot. India was a nation which was not afraid but excited to soar to new heights. ”India has always remained rooted, howsoever high it flies, howsoever is its speed,” he stressed.

“Aero India’s deafening roar echoes India’s message of Reform, Perform and Transform,” the PM remarked. He mentioned that the entire world was taking note of the reforms made for ‘Ease of Doing Business’ in India and touched upon the various steps taken to create an environment that favoured global investments as well as Indian innovation.

He touched upon the reforms made to attract Foreign Direct Investments in defence and other sectors and the simplification of processes for issuing licenses to industries while also increasing their validity. He said that in this year’s Budget, tax benefits for manufacturing units have been enhanced.

The PM said where there was demand, expertise as well experience, the growth of the industry was natural. He assured the gathering that efforts to strengthen the defence sector would continue.