In his speech at the DefExpo last week, Modi urged foreign manufacturers to set up base in India listing the steps the government has taken to improve India’s investment climate. He noted that the export of defence equipment from India was about ₹2,000 crore in 2014, the year he took office. In the last two years, it had gone up to ₹17,000 crore and in the next five years, India’s target was to export of $5 billion worth of military hardware which is about ₹35,000 crore, Modi added.