Mumbai, Nov 3 (IANS): Union Minister of State for Defence Ajay Bhatt inaugurated the 'MET & HTS 2022' international defence exhibition at the Bombay Exhibition Centre on Wednesday, officials said.

The expo and global meet focuses on the latest technological advancements in the defence, transport, and energy sectors, materials and engineering, with emphasis on new materials and process developments, theories, and computational models.

Materials, Engineering & Technologies (MET) is the most comprehensive business platform across the manufacturing chain value for the defence, transport and energy sectors.

The MET showcases the latest and key developments in these sectors to the global audience against the backdrop of India's engineering R&D market which is expected to be worth $42 billion by end 2022.

The Foreign Direct Investment (FDI) inflows into India's mechanical and engineering industries is around $3.56 billion, as per data released by the Department for Promotion of Industry and Internal Trade (DPIIT).

The government has allocated $92.22 billion for the infrastructure sector (including transport and energy) and the allocation in the defence sector was raised to $45.57 billion.

Around 350 national and international exhibitors are participating, as well as 120 speakers from India and abroad, besides 600 delegates from all over.

The highlights are the Innovation Pavilion hosting and displaying products, services and models by start-ups, young entrepreneurs, students from IITs and other engineering colleges.

The Student Outreach Programme encouraged final year students from metallurgical engineering stream to find their passion by participating in this event.

"Today the technology-driven world is leading towards competitive economies. The heat treatment has changed beyond recognition, and these changes have been driven by a better understanding of the underlying science, increasing demand for quality products, and social factors such as environmental and sustainability considerations," said the exhibition's Organising Committee Chairman Pradeep Goyal.

"This exhibition is an ideal platform for display and launches of new initiatives, products and technologies, establishing joint ventures, developing and renewing international and regional contacts," said I.P. Wadhwa, Managing Worker, Tafcon.

Among the participants are government departments and industry leaders, defence PSUs, DRDO, railways, CSIR, DST, JSW, Reliance Industry Ltd, Triton EV, Tata group, Mahindra and Mahindra, Bharat Electronics and others.

Among the dignitaries attending are DRDO Chairman Dr Samir Kamat, Vice Admiral R Swaminathan, DGNP, Western Naval Command, Air Vice Marshal S.K. Jain, Major General Rakesh Manocha, SIDM President S.P. Shukla, among others.