By Shivam Patel and Abhijith Ganapavaram

BENGALURU, Feb 10 (Reuters) - India is committed to boosting manufacturing and exports of defence equipment in the coming years, Defence Minister Rajnath Singh said on Monday at the opening of the country's biggest air show, where its military ambitions will be in focus.

India, the world's largest arms importer, has stressed the need to modernise its military and boost domestic defence production to counter rival China's growing military strength and influence in South Asia.

India's domestic defence manufacturing value will reach more than 1.25 trillion rupees ($14.24 billion) in the fiscal year ending in March, while its defence exports will cross a record 210 billion rupees for the first time over the same period, Singh said.

"We are fully committed to significantly increase these numbers in the coming years," he said at the show, which kicked off with the country's fighter jets flying past in formations across a clear sky.

New Delhi aims to explore possible joint production of defence equipment and to scout for billions of dollars worth of military deals at the biennial Aero India aerospace exhibition that began on Monday in the southern city of Bengaluru.

More than 150 foreign companies are participating in the event that runs through Friday, while defence ministers or representatives from about 30 countries were expected to arrive, according to India's defence ministry.

Two Russian and U.S. fifth-generation advanced stealth fighter jets will also be displayed at the event - the Russian Su-57 and Lockheed Martin's LMT.N F-35 Lightning II, the defence ministry said.

"The inclusion of both the Su-57 and F-35 highlights India's position as a key hub for international defence and aerospace collaboration," the ministry said. "Aero India 2025 will provide a rare side-by-side comparison of Eastern and Western fifth-generation fighter technology".

Over the past decade, India has steadily increased defence acquisitions from Western nations to diversify its supplies after traditional defence partner Russia was hobbled by the war in Ukraine.

The U.S. embassy in India said more than two dozen American exhibitors will engage Indian counterparts and explore new business opportunities at the event.

(Reporting by Shivam Patel and Abhijith Ganapavaram; Additional reporting by Sudipto Ganguly in Mumbai; Editing by Jamie Freed)

((Shivam.Patel@thomsonreuters.com;))