Make defence platforms for the world
The defence sector would play a significant role in the revival of the economy, and the industry should catch the next wave of lower global manufacturing cost, Defence Minister Rajnath Singh has called on the stakeholders.
Singh also urged the industry to take the opportunity to make defence platforms not only for India but for the world.
“We have opened doors for the private sector, incentivized domestic production, creating defence corridors. We are also willing to engage in meaning full joint ventures and partnership with other countries.
“It is time that the industry examines this opportunity with both pride and priority.”
“We should catch the next wave of lowering global manufacturing cost to strengthen our manufacturing in the defense sector,” he told delegates at the virtual Valedictory Session of ‘FICCI’s 93rd Annual Convention’ on 14 Dec 2020.
“Our achievements in the defense sector has multiple spin-off effects to other sectors of the economy,” Singh pointed out.
Expressing concern that as one of the largest forces of the world, India is still dependent on imports in critical areas, he said, “We may have made some important strides in defence production, a lot more can and must be done.
“Private sector can be an important stakeholder in achieving our ambitious target of Rs.175,000 crore of defence production and Rs.35,000 crores of defence exports,” he underlined.
Highlighting the strength of Indian companies, Singh also stated, “We have witnessed how different companies rose to the challenge of addressing the demand for medical equipment during COVID. The crisis has proved that India has always been futuristic and believed in finding permanent solutions.
“This Government is action-driven and believes in tackling the problem heads on,” he assured.
The Defence Minister also applauded the Indian entrepreneurs who toiled hard and through innovations managed to meet the huge demands of masks, PPE Kits, Sanitizers and Ventilators during the pandemic.
“India has the potential to emerge as the manufacturing hub in healthcare. We should catch the next wave of manufacturing and need to take advantage of a global shift in manufacturing to Asia,” said Singh.
The Indian defence sector is one of the important drivers of the engine of growth and can raise the contribution of manufacturing to 25% of the GDP by 2025 from 16% as of now. #manufacturing #exports #investment #technology /fiinews.com
