Prime Minister Narendra Modi on Wednesday set a target of $5 billion in defence exports for India as he invited private business to invest in the country, that he said, would realize the twin objectives of handsome returns on investment and make Asia’s third largest economy self reliant in defence manufacturing.

Speaking at the inauguration of the 11th Defence Expo in Lucknow, Modi said India’s ambition to develop a defence industrial base was not a threat or directed against any country.

In his opening remarks, defence minister Rajnath Singh said the five day long DefExpo 2020 would see the Uttar Pradesh government sign 23 preliminary pacts that was expected bring ₹50,000 crore investment and create over 3 lakh jobs.