Prime Minister Narendra Modi set a target of $5 billion in defence exports in next five years for India as he invited private businesses to invest in the country, which he said would realize the twin objectives of handsome returns on investment and making Asia’s third largest economy self-reliant in defence manufacturing. In 2014, the export of defence equipment from India was about `2,000 crore. In the last two years, it has gone up to `17,000 crore. In the next five years, our target is export of $5 billion, which is about `35,000 crore. The five-day DefExpo 2020 would see the Uttar Pradesh government sign 23 preliminary pacts, which are expected to bring `50,000 crore investment and create more than 300,000 jobs at the biennial event that has this time brought together more than 1,000 companies and delegations from over 40 countries.
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