New Delhi: Factors like streamlining foreign direct investment (FDI) as well as augmenting Research & Development (R&D) and manufacturing capabilities can help the country realise its $5 billion defence export target by 2024-25, says a study.
Nexgen Exhibitions, organizers of International Police Expo, one of Asia’s premier homeland security and defence expos, have released the findings of a comprehensive survey aimed at streamlining Foreign Direct Investment (FDI) and bolstering Defence Research & Development (R&D) and manufacturing capabilities, as per a statement.
According to the statement, this initiative aims to propel India towards its ambitious $5 billion defence exports target by 2024-25.
The survey, conducted across 15 cities in India, saw participation from over 130 national and international arms, ammunition, and security equipment manufacturers, exporters, and startups.
The key highlights of the survey, underscored the need for streamlined FDI inflows, elevated technology integration with AI and other futuristic technologies, and a robust skill development ecosystem to create a large pool of industry-ready professionals.
By enhancing R&D and manufacturing capabilities, India’s homeland security and defence sector is poised to emerge as a global manufacturing hub, it stated.
Additionally, it stated that increasing procurement categories is a significant step towards boosting domestic defence manufacturing. Currently, India exports defence equipment to over 75 countries, demonstrating its growing footprint in the global defence market.
The homeland security sector is crucial for maintaining internal stability and protecting national interests. Integrating advanced technologies and data analytics is paramount for effective threat detection, surveillance, and response.
By leveraging AI and machine learning, security agencies can predict and mitigate risks more efficiently.
Moreover, it said that developing a robust disaster management mechanism ensures preparedness and swift response to emergencies, enhancing public safety and national resilience.
“Increase in procurement categories and emphasis on quality and innovation have positioned India as a reliable defence equipment supplier on the global stage. The government’s supportive policies, coupled with strategic partnerships and collaborations, are driving the growth of India’s defence exports, bringing the country closer to its $5 billion target by 2024-25,” Aadhar Bansal, Director, Nexgen Exhibitions said in the statement.
The International Police Expo facilitates connections between global and domestic manufacturers, suppliers, and innovators, fostering discussions on the key priorities shaping the future of policing and homeland security.
Scheduled for July 4-5, 2024 in New Delhi, the International Police Expo will see participation from over 25 countries, including the UK, USA, Israel, Poland, Croatia, UAE, Germany, Canada, Singapore, Brazil, Hong Kong, and Taiwan.
These countries will showcase their latest innovations and technologies, providing a platform for international collaboration and exchange of best practices.
PTI