Indian Defence Minister Shri A K Antony inaugurates the Defexpo India 2010

Indian Defence Minister Shri AK Antony inaugurates the DefExpo India 2010, 6th International Land and Naval Defence Systems Exhibition, here today. He said "This year’s edition of DefExpo is the sixth in series of India’s Land and Naval Systems Exposition being organised biennially by Ministry of Defence since 1999. The event has grown from strength to strength. This year, the participation of companies has increased by around 40% compared to last year. It is heartening to note that 38 official delegations, including 14 ministerial delegations are attending DefExpo 2010. "India’s defence expenditure is about 2.5 per cent of its GDP. The Indian economy expected to grow at 8-10% for the next two decades. Expenditure on defence in absolute terms is bound to increase in equal proportion. I am sure that this will present the defence industry new and challenging opportunities to make a more meaningful contribution to the defence sector. "We have made our Defence Procurement Procedures transparent and to speed up the defence acquisition process. The recent introduction of “Buy & Make (Indian)” category in Defence Procurement Procedures aims at encouraging the Indian private industry to form Joint Ventures with any foreign manufacturer. We will soon publish the ‘Technology Perspective and Capability Roadmap’, covering a period of 15 years, to share the future needs of our Armed Forces. "Offset banking is now a part of our Defence Offset policy and the licensing conditions have also been rationalised. Necessary administrative structures have been put in place in the Ministry of Defence to facilitate offset banking". DefExpo India 2010 is an endeavour to showcase India’s capabilities in land and naval systems, as well as its emergence as an attractive destination for investment in defence sector. This is a demonstration of our ability to design, develop and deliver a wide range of military and civil products and services to meet stringent specifications at competitive prices. However, we can learn from each other and enter into mutually beneficial arrangements with friendly countries in the field of critical and futuristic defence technology. We welcome and invite support of the best in the world in our endeavour to modernise our Armed Forces". He added that 7th DefExpo will be held from February 9 to February 12, 2012 at New Delhi.