Factors like streamlining foreign direct investment (FDI) as well as augmenting Research & Development (R&D) and manufacturing capabilities can help the country realise its USD 5 billion defence export target by 2024-25, says a study.

Nexgen Exhibitions, organisers of International Police Expo, one of Asia’s premier homeland security and defence expos, have released the findings of a comprehensive survey aimed at streamlining Foreign Direct Investment (FDI) and bolstering Defence Research & Development (R&D) and manufacturing capabilities, as per a statement.

According to the statement, this initiative aims to propel India towards its ambitious USD 5 billion defence exports target by 2024-25.

The survey, conducted across 15 cities in India, saw participation from over 130 national and international arms, ammunition, and security equipment manufacturers, exporters, and startups.

The key highlights of the survey, underscored the need for streamlined FDI inflows, elevated technology integration with AI and other futuristic technologies, and a robust skill development ecosystem to create a large pool of industry-ready professionals.

By enhancing R&D and manufacturing capabilities, India’s homeland security and defence sector is poised to emerge as a global manufacturing hub, it stated.

Additionally, it stated that increasing procurement categories is a significant step towards boosting domestic defence manufacturing. Currently, India exports defence equipment to over 75 countries, demonstrating its growing footprint in the global defence market.

The homeland security sector is crucial for maintaining internal stability and protecting national interests. Integrating advanced technologies and data analytics is paramount for effective threat detection, surveillance, and response.

By leveraging AI and machine learning, security agencies can predict and mitigate risks more efficiently.

Moreover, it said that developing a robust disaster management mechanism ensures preparedness and swift response to emergencies, enhancing public safety and national resilience.