A recent study suggests that streamlining foreign direct investment (FDI), enhancing Research & Development (R&D), and boosting manufacturing capabilities could help India reach its USD 5 billion defence export goal by 2024-25.
As reported by PTI, the study, conducted by Nexgen Exhibitions, organizers of the International Police Expo, highlights the importance of these factors in propelling India towards its ambitious target.
“Increase in procurement categories and emphasis on quality and innovation have positioned India as a reliable defence equipment supplier on the global stage.
The government’s supportive policies, coupled with strategic partnerships and collaborations, are driving the growth of India’s defence exports, bringing the country closer to its USD 5 billion target by 2024-25,” said Aadhar Bansal, Director, Nexgen Exhibitions, as reported by PTI.
Streamlining FDI and Enhancing R&D and Manufacturing
The study, conducted across 15 cities in India, involved over 130 national and international arms, ammunition, and security equipment manufacturers, exporters, and startups.
It emphasizes the need for streamlined FDI inflows, elevated technology integration with AI and other futuristic technologies, and a robust skill development ecosystem to create a large pool of industry-ready professionals.
India’s Emergence as a Global Manufacturing Hub
By enhancing R&D and manufacturing capabilities, India’s homeland security and defence sector are poised to emerge as a global manufacturing hub.
The study also highlights the significance of increasing procurement categories in boosting domestic defence manufacturing.
Currently, India exports defence equipment to over 75 countries, showcasing its growing footprint in the global defence market.
Importance of Advanced Technologies
The homeland security sector plays a crucial role in maintaining internal stability and protecting national interests.
Integrating advanced technologies and data analytics is essential for effective threat detection, surveillance, and response.
Leveraging AI and machine learning can help security agencies predict and mitigate risks more efficiently.
Emphasis on Disaster Management
Developing a robust disaster management mechanism ensures preparedness and swift response to emergencies, enhancing public safety and national resilience.
The study suggests that India’s supportive policies, coupled with strategic partnerships and collaborations, are driving the growth of its defence exports, bringing the country closer to its USD 5 billion target by 2024-25.
International Police Expo 2024
The International Police Expo, scheduled for July 4-5, 2024, in New Delhi, will facilitate connections between global and domestic manufacturers, suppliers, and innovators.
With participation from over 25 countries, including the UK, USA, Israel, Poland, Croatia, UAE, Germany, Canada, Singapore, Brazil, Hong Kong, and Taiwan, the expo will showcase the latest innovations and technologies, providing a platform for international collaboration and the exchange of best practices.
“The International Police Expo facilitates connections between global and domestic manufacturers, suppliers, and innovators, fostering discussions on the key priorities shaping the future of policing and homeland security,” said a spokesperson for Nexgen Exhibitions.
(With inputs from PTI)
