Defence exports will be doubled this year, says Manohar Parrikar

By: |
Panaji | Updated: October 18, 2015 10:17:58 AM

Addressing participants at the Global Business Forum event organised by the IIT Alumni Association at Bambolim on the outskirts of Panaji, Defence Minister Manohar Parrikar said India's defence exports are likely to double this year.

Addressing participants at the Global Business Forum event organised by the IIT Alumni Association at Bambolim on the outskirts of Panaji, Defence Minister Manohar Parrikar said India’s defence exports are likely to double this year.

He said that there was a need to tap friendly countries to increase the sale of indigenous military equipment.

Parrikar said that he was of the opinion that improving exports of Indian defence products could further strengthen bilateral ties with nations receiving such goods.

He said that in 2014-15, defence exports was pegged at Rs.630 crores, and it was the government’s desire and intention to double it in the current fiscal.

During his speech, Parrikar referred to the government’s ‘Make in India’ initiative.

“Export should be encouraged as we have friendly relations with many countries. These countries look towards India for their defence needs and if India does not give them the required equipment, it does not make you real friends,” Parrikar said.

“Export not only gives you economic benefit but also enhances your friendship,” he added.

“It would be economically beneficial if the money is spent in India, as it may generate skill, employment and technology for defence and also civil application”, he said.

Union ministers Prakash Javadekar and Jayant Sinha also attended the event.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Govt allays MNCs’ tax worries
2Union territories script success story of cash food subsidy
3Arun Jaitley pledges a friendly tax regime, 25% corporate tax