USD 5 bn defence export target to be achieved by 2024: Rajnath Singh

Defence Minister Rajnath Singh on Friday expressed confidence that the country will achieve the target of five billion dollar worth of defence exports by 2024.

"Today MoUs signed by us will strengthen defence industrial base and will prove beneficial for the country. You all must be convinced that our policy in defence sector has started giving results," he said at an event - Badhan - at the Defexpo here.

"In 2018-19, defence export was Rs 10,745 crore, which was seven times the export in 2016-17. Seeing the success of this Defence expo, I am sure that by 2024, we will achieve the target of five billion dollar worth of defence exports," the minister said.

He said till now over 200 agreements have been concluded in this Defexpo and described it as "historic".

Chief Minister Yogi Adityanath said through the Uttar Pradesh Expressways Industrial Development Authority (UPIEDA), 23 MoUs were signed and Rs 50,000 crore investment is expected. Besides, it is likely to generate 2.50-3 lakh jobs, he said.

"Uttar Pradesh has emerged as a favourite investment destination," he said.

Defence Secretary Ajay Kumar said during this Defexpo, initially a target of signing 100 MoUs and business agreements was fixed, but till now over 200 MoUs have been signed which is the beginning of a new chapter in this sector.

Defence manufacturing firms from across the world are participating in the five-day mega event, which was inaugurated by Prime Minister Narendra Modi on Wednesday.