News:DefExpo is being held for the first time in Lucknow(Uttar Pradesh) from 5th February 2020.
Facts:
About DefExpo:
- It is a biennial event organized by the Department of Defence Production ,Ministry of Defence.
- Theme: India-The Emerging Defence Manufacturing Hub and the focus will be on Digital Transformation of Defence.
Key Takeaways from the DefExpo:
- India aims to develop 25 defence products based on Artificial Intelligence in the next 5 years.
- India will shift towards “Assemble in India” from “Make in India”.The new mantra will be “Make in India, for India and for the world”.This will aim at importing raw materials and assembling in India and exporting the finished goods to different parts of the world.
- Under the Draft Defence Production Policy 2018, the Indian government eyes $5 billion defence exports by 2025.
- India has also taken several measures to boost the defence sector.It has liberalized the FDI (Foreign Direct Investment) to 49% through automatic route and above 49% under government route.
