Despite the global financial meltdown, India will continue with its arms acquisition programmes and defence preparedness despite the economic recession, Defence Minister AK Antony has said.
Responding to media queries after inaugurating the 7th edition of Aero India-2009?, the defence minister asserted that India would not cut defence expenditure or compromise on its acquisition programme. ?Our defence expenditure at present is about 2.5 per cent of its (India?s) GDP, in keeping with our security interests,? Antony said.
Antony said, ?Aero India-2009? would showcase India?s emergence as an attractive market and a key outsourcing hub for global aerospace firms.
He said the defence sector is now open up to 100% Indian private sector participation, while FDI is permissible upto 26 %.
The air show took off from the IAF station at Yelahanka, about 20km from the city. Defence minister inaugurated the event amid tight security and in the presence of about 5,000 people including BS Yeddyurappa, Karnataka CM, dignitaries, diplomats and air chiefs from the world over were treated to a two-hour long spectacular show by scores of IAF pilots.
?Aero India 2009 will showcase India?s emergence as an attractive market and a key outsourcing hub for global aerospace firms. It fulfills all the prerequisites-low cost skilled engineers, good organisations, software and technology. I am confident that Aero India 2009 will provide ample opportunities to the domestic and international players in the aerospace and aviation sectors to tap the market and the business potential for mutual benefit,? Antony said.
Adding, that the country has always been recognised as a responsible power and a stabilising factor in this region in the face of various security challenges originating from different sectors around us. ?Our sustained economic growth provides ample opportunities to our neighbours to tap into this economic dynamism. The onus lies with them to derive gains from it,? he added.
The inauguration of Aero India 2009 was marked by fly-past and breath-taking manoeuvre from IAF’s assorted aircraft?Sukhoi-30MKI, Mirage 2000, Jaguar, MiG-35, F-18 Super Hornet, F-16 Fighing Falcon, Eurofighter Typhoon, super-sonic jet trainer Hawk and sub-sonic trainer Kirans and a slew of Sarang helicopters.