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Prime Minister Narendra Modi said that India aimed to increase defense exports to $5billion a year by 2024-25 from the current 1.5 billion. India's defence exports have grown in the last couple of years. But equally worrisome is the fact that some crucial projects of the Defence Research and Development Organisation (DRDO) have got delayed.
Argentina and Egypt have joined a number of other countries in showing interest in procuring the indigenously-developed Light Combat Aircraft (LCA) Tejas from India.
According to the defence ministry, 23 out of 55 projects are running behind the schedule. The delay could potentially affect the operational efficiency of forces.
Egypt has estimated that it would need a total of 20 aircraft, whereas the South American nation will require a total of 15 new fighters.
Defence Minister Rajnath Singh has said India is working on a domestic engine for the Tejas fighter jet.