Deals worth Rs 80,000 cr signed at Aero India

As many as 266 partnerships, 201 MoUs, 53 major announcements and nine product launches were firmed up at Aero India…reports Asian Lite News

As many as 266 partnerships including 201 MoUs, 53 major announcements and nine product launches were firmed up at the Aero India that could unlock business potentials worth around Rs 80,000 crore.

The MoUs included one between Hindustan Aeronautics Limited and Safran Helicopter Engines of France for work share for formation of joint venture for design, development, manufacture and life time support of helicopter engines.

The agreements and the MoUs were formally signed at an event titled “Bandhan” ceremony that was attended by Defence Minister Rajnath Singh, top leaders of Indian defence industries and senior military officials.

“The Bandhan ceremony also witnessed the forging of 266 partnerships including 201 MoUs, 53 major announcements, nine product launches and three Transfers of Technology (ToT), worth around Rs 80,000 crore,” the defence ministry said in a statement.

The Bharat Electronics Ltd and Aeronautical Development Agency also inked an MoU for the Advanced Medium Combat Aircraft (AMCA).

The product launches at Aero India included the vertically launched short range surface-to-air missile (Bharat Dynamics Limited).

It is a next-generation, ship-based, all-weather, air defence weapon which can be used by the Navy as a quick reaction defence against supersonic sea skimming targets such as aircraft and Unmanned Aerial Vehicles.

The missile has a smokeless propulsion system with all-weather capability. It has a highly agile configuration with state-of-the-art electronic counter-measures features.

Another significant product launch was of the semi-active laser seeker based anti-tank guided missile developed by Bharat Dynamics Limited. The missile weighs 23 kgs with the launch tube, and can be used in different kinds of terrains to incapacitate moving and stationary targets such as tanks and infantry combat vehicles.

The 14th edition of Aero India at the Yelahanka Air Force station complex on the outskirts of Bengaluru was inaugurated by Prime Minister Narendra Modi on Monday and it saw participation of over 700 defence firms and representatives of around 100 countries.

The defence minister said that Aero India showcased to the world the ‘New Defence Sector’ of ‘New India’, which has not only grown in the last few years, but is now fully ready to walk alongside the defence sectors of leading countries.

He expressed satisfaction that the event paved the way to strengthen the Indian defence industry, terming it as the beginning of a new era of ‘aatmanirbharta’.

The minister exuded confidence that the sector will move forward strongly on the path of progress with new energy and determination.

The MoUs and technology transfer agreements signed during Aero India will facilitate a new beginning for defence manufacturing in India, Singh said.

‘75% procurement from Indian defence vendors from 2023-24’

Describing the Aero India Show 2023 as a great success, Defence Minister Rajnath Singh announced on Wednesday that to provide impetus to the Indian defence industry, 75 per cent procurement for the armed forces will be made from indigenous defence companies.

Addressing a gathering at the valedictory ceremony of Aero India Show here, Singh said that in the last few years, the respect for the Indian defence industry is increasing.

“The good will is so much that the cap of reservation of 68 per cent for FY 2022-23 for Indian defence vendors will be increased to 75 per cent in FY 2023-24. I repeat, three-fourth procurement will be from Indian defence vendors. It will amount to Rs 1 lakh crore,” Singh said.

“If you take one step towards strengthening the security of the country, the government’s promise is that it will come forward to take 10 steps. The industry has asked for land, we have given the vast sky with full confidence,” he said.

In the initial years, the defence industry was given 58 per cent procurement in the Budget. But, exceeding the limit, the procurement reached 64 per cent in 2021-22. The government had faced flak and criticism for this. In 2022-23, the share was increased to 68 per cent,” he explained.

Singh also said the Aero India Show will go a long way in strengthening the Indian defence industry.

“This is a new beginning. It has showcased that the Indian defence industry is ready to collaborate with other countries of the world. As many as 1,500 MoUs have been signed in the show, DRDO technology transfer agreements have been made, important decisions have been taken regarding manufacturing in private and public sector industries. The show has given a push to the defence industry at the global level,” the minister said.

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