New Delhi: Defence minister Rajnath Singh on February 14 invited global original equipment manufacturers (OEMs) to co-produce,co-develop, integrate and strengthen supply chains, form joint ventures (JV), set up manufacturing in India and make for the world.
Singh claimed that India provides the global defence industry considerable benefits such as competitive land costs, competent people resources, a strong start-up ecosystem, and a sizable domestic defence market during a conversation with top executives of OEMs on the sidelines of Aero India in Bangalore.
He described this as a situation in which everyone wins and where defence manufacturing enterprises from around the world can contribute to the success of India. In order for India to achieve its dual objectives of being self-sufficient in a vital sector and creating jobs for its citizens, Singh emphasised the significance of the defence industry."
The minister also referred to the central government policies encouraging FDI and defence manufacturing in India, as well as the incentives provided by the governments of Tamil Nadu and Uttar Pradesh for investment in defence industrial corridors. She also spoke about the robust legal system protecting stakeholders' interests and advancements in business ease of doing.
"There are potential to build up manufacturing in India and make for the globe, integrate and enhance supply chains, and co-develop and co-produce," he added .
The CEOs proposed ways to encourage foreign investment in Indian defence production, and Rajnath Singh assured them that the government will work to lower regulatory barriers for the private sector.
Vivek Lall, the chief executive of General Atomics, Alexander Ziegler, the senior executive VP of Safran, Heidi Grant, the president of Boeing Business Development, Caetano Spuldaro Neto, the vice president of Embraer, and Major General Yoav Har Even, the president and CEO of Rafael Advanced Systems, were all present at the meeting.
Aero India in Bangalore is a manifestation of the industrial and economic development of India, particularly Karnataka. 700 exhibitors from India and abroad are exhibiting their finest products and best technology at the show. This also illustrates the commercial potential and acceptance by both domestic and foreign corporations.