Bigger deals at Defexpo

Asia’s biggest defence exhibition, Defexpo 2010, that opened at Pragati Maidan in New Delhi on Monday, is not only 40% larger compared to its previous avatar.

The number of tenders and deals have gone up too. The number of meaningful MoUs to be signed between Indian firms and foreign companies too have increased, in quantity and quality.

Defence minister AK Antony, who inaugurated the event said, “India’s defence expenditure is 2.5% of its GDP.  The Indian economy is expected to grow at 8-10% for the next two decades.

Defence  expenditure in absolute terms is bound to increase in
equal proportion.  I am sure this will present the defence industry challenging opportunities to make a meaningful contribution.”

India is among the biggest arms importers, and is likely to hold that position for quite sometime to come, mostly because security demands are growing and Indian firms don’t have the right technology yet.

Antony said India must “achieve a high level of indigenisation.  Our quest for self-reliance underlines the importance of private sector participation on the one hand and in revitalising the public sector, on the other.”