NEW DELHI (PTI): To attract Indian and foreign manufacturers to invest in the defence sector, the government has said there were immense opportunities for them under its massive military modernisation programme.
The government has cited "country's extensive modernisation plans, an increased focus on homeland security and India's growing attractiveness as a defence sourcing hub, besides high government allocation for defence expenditure" as the reasons to invest on the Make in India programme.
The government said India's 60 per cent current needs in defence are catered by imports and opening of the strategic defence sector for private sector participation will help foreign original equipment manufacturers to enter into strategic partnerships with Indian companies and also aim at global business.
"Besides helping build domestic capabilities, this will bolster exports in the long term...there is government policy of promoting self-reliance, indigenisation, technology upgradation and achieving economies of scale and developing capabilities for exports in the defence sector," it said.
Attracting domestic investors, government has said there are opportunities worth over Rs 2.5 lakh crore in defence offsets in the next few years.
The government also listed its decision to increase FDI limit in defence sector from 26 to 49 per cent along with delicensing of defence industrial manufacturing as the reasons for the investors to start manufacturing in the country.
It said there are opportunities for manufacturers to invest money in "defence products manufacturing, supply chain sourcing opportunity and defence offsets."
Bid to attract Indian, foreign firms to invest in defence sector
Article Posted on : - Sep 26, 2014
Other Related News
India, China defence ministers hold 'productive' talks in Laos; agree to work towards rebuilding mutual trust
India and China on Wednesday agreed to work towards a "roadmap" for rebuilding mutual trust with Defence Minister Rajnath Singh calling for drawing lessons from the "unfortunate border clashes" of 2020 during talks with his Chinese counterpart Dong Jun.
The Indian Air Force, in its flight trials evaluation report submitted before the Defence Ministry l..
view articleAn insight into the Medium Multi-Role Combat Aircraft competition...
view articleSky enthusiasts can now spot the International Space Station (ISS) commanded by Indian-American astr..
view article