A recent study has outlined key strategies that could help India achieve its ambitious USD 5 billion defence export target by 2024-25, focusing on streamlining foreign direct investment (FDI), enhancing Research & Development (R&D), and boosting manufacturing capabilities. Conducted by Nexgen Exhibitions, organizers of the International Police Expo, the study underscores the critical role of these factors in propelling India's defence exports.
According to Aadhar Bansal, Director of Nexgen Exhibitions, "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."
Streamlining FDI, Enhancing R&D, and Boosting Manufacturing
The study, encompassing 15 cities in India and involving over 130 national and international arms, ammunition, and security equipment manufacturers, exporters, and startups, stresses the need for streamlined FDI inflows, elevated technology integration with AI and other futuristic technologies, and a robust skill development ecosystem to enhance industry readiness.
India's Emergence as a Global Manufacturing Hub
By bolstering R&D and manufacturing capabilities, India aims to become a global manufacturing hub for homeland security and defence sectors. The study also highlights the significance of expanding procurement categories to boost 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 pivotal role in maintaining internal stability and safeguarding national interests. Integrating advanced technologies and data analytics is crucial 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, along 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
Scheduled for July 4-5, 2024, in New Delhi, the International Police Expo 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.
"A spokesperson for Nexgen Exhibitions highlighted that the International Police Expo fosters discussions on the key priorities shaping the future of policing and homeland security, facilitating connections between global and domestic manufacturers, suppliers, and innovators," the study concluded.
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