Calling the ongoing DefExpo-2020 a ‘historic success’, defence minister Rajnath Singh on Friday announced the signing of over 200 memorandums of understanding (MoUs) and transfer of technology agreements at the expo.
Besides the launch of 13 products, six major announcements, 18 transfer of technology agreements and 71 MoUs signed on Friday, over 100 MoUs were signed on the sidelines of the expo, taking the total number of agreements to over 200.
These agreements include 23 MoUs signed with Uttar Pradesh Expressway Industrial Development Authority (UPEIDA) involving an investment of about Rs 50,000 crore in the defence corridor project in Uttar Pradesh.
“Our government has carried out many reforms…We have eased the industry licensing process. We have also increased the foreign direct investment (FDI) cap. We have streamlined the defence offset policy and it could be streamlined further,” said Rajnath while speaking at the ‘Bandhan’ ceremony organized for product launch, new announcements, transfer of technology and signing of MoUs.
Rajnath’s observation about further streamlining the defence offset policy assumes significance in the backdrop of demands for the same.
{{/usCountry}}Rajnath’s observation about further streamlining the defence offset policy assumes significance in the backdrop of demands for the same.
{{/usCountry}}The minister announced that under the ‘innovate for defence internship’ scheme, students of 50 engineering colleges would be sensitized about innovation in the defence sector.
Listing out the highlights of the expo, he said Defence Research Development Organisation (DRDO) had reached an understanding with UPEIDA to provide technology support to the companies investing in the defence corridor. The products launched at the expo, said Rajnath, included artillery guns, helicopters, anti-tank missiles and bullet proof jackets.
Rajnath said India’s defence exports were at Rs 10,745 crore in 2018-2019, which was seven times higher than the export figures for 2016-2017.