A webinar on India-Sweden Defence Industry Cooperation, with the theme ‘Capitalizing Opportunities for Growth and Security’, was organised on June 08, 2021., under the aegis of Department of Defence Production, Ministry of Defence through Society of Indian Defence Manufacturers (SIDM) and Swedish Security and Defence Industry (SOFF)
Defence Minister Rajnath Singh on Tuesday invited leading Swedish defence majors to set up manufacturing bases in India as he showcased the country as an attractive destination for investment to produce military equipment and platforms. In an address at a conference on India-Sweden defence industry cooperation, he said the government has rolled out a series of reforms to help the defence industries serve not only Indian requirements but also meet global demands.
The defence minister also mentioned allowing up to 74 percent foreign direct investment (FDI) through automatic route and up to 100 percent through government route in the defence manufacturing sector. He said the technology-centric FDI policy will enable Indian industries to collaborate with Swedish industries in the field of niche and proven military technologies.
"Over the past few years, the Indian defence industry has been galvanised through progressive policy and procedural reforms which have catapulted the industry to serve not only Indian requirements but also meet global demand," He said that the foreign Original Equipment Manufacturers can set up manufacturing facilities individually or in partnership with Indian companies through joint ventures or technology agreement to capitalise on the 'Make in India' initiative.
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