Tehran 5 February _Prime Minister Narendra Modi says India is targeting defense exports worth $5 billion in the next five years in a bid to boost local manufacturing.
TEHRAN, Young Journalists Club(YJC)_"In the last five years India has made remarkable progress in indigenising the production of military equipment," Modi said at the opening of a defense fair in the northern Indian city of Lucknow on Wednesday.
The country is the world's second-largest arms importer after Saudi Arabia, according to the Stockholm International Peace Research Institute, but Modi wants to turn that around under an ambitious "Made in India" initiative.
The five-day defense expo -- which will include demonstrations of land, naval, air and virtual security systems -- is being attended by manufacturers from France, the US and Russia, Delhi's biggest arms supplier.
India, which last year fought air battles with arch-rival Pakistan over disputed Kashmir, wants to bolster its combat capabilities to counter regional rivals including China.
Last year Indian officials said they were looking to spend $130 billion over five to seven years on defense.
Russia is India's main weapons supplier.
More than 1,000 firms -- including 172 foreign companies -- are expected to take part in the exhibition, the defense ministry said in a statement.
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