Tuesday, Sep 21 2021 | Time 13:02 Hrs(IST)
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India


Govt is committed to provide better defence manufacturing ecosystem: Modi

Govt is committed to provide better defence manufacturing ecosystem: Modi

New Delhi, Aug 27 (UNI) Giving a push to domestic defence manufacturing units in a bid to make India a self-reliant nation, Prime Minister Narendra Modi on Thursday said that the government is committed to provide better ecosystem to defence equipment makers.
While addressing an event on making India self-reliant in defence sector through video conference, Mr Modi said, “For many years, India has been one of the biggest defence importers. When India got independence, it had great capability in defence manufacturing and an ecosystem of defence manufacturing established over 100 years. Unfortunately, this subject couldn’t get requisite attention.”
He was speaking through video conferencing at Atmanirbhar Bharat Defence Industry Outreach Webinar organised by industry body FICCI, SIDMI and the Ministry of Defence.
The prime minister further said that a decision has been taken to permit up to 74 per cent FDI (foreign direct investment) in the defence manufacturing through automatic route.
“Efforts being made to boost defence production, develop new technology and give big role to private players in defence sector,” he said.
Talking about import embargo on certain defence equipment, the prime minister said it was aimed at not only to reduce the import but also to give a boost to Indian defence industry.
He also added that it’s a win-win situation for both private and public sectors.
“We also saw labour reforms recently; reform exercise not going to stop now,” he said.
The prime minister further added India has potential to become trusted defence equipment exporter to friendly nations.
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