Chennai (Tamil Nadu) [India], Jan 19 (NT): on the inauguration ceremony of “Defense Industry Development Meet”, Defense Minister Nirmala Sitharaman averred that the recently-introduced Make-II initiative in defense procurement will significantly help small industries who are involved in manufacturing defense equipment.
Speaking at the Defense Industry Meet here on Thursday, Sitharaman stated the government is encouraging indigenization of defense equipment production under the 'Make in India' initiative to perk up self-reliance in this sector.
She also informed that this year, the Defense Expo will be conducted in Mahabalipuram, close to Chennai, from April 11to 14.
Sitharaman added participants from over 80 nations are likely to attend the Expo.
The Defense Acquisition Council (DAC) on Tuesday cleared the procurement of 72,400 assault rifles and 93,895 carbines worth Rs 3,547 crores to meet in need of attention requirements of the armed workforce deployed alongside the borders.
The DAC under the headship of Sitharaman declared the simplification of the 'Make-II' course of action, which lay down guidelines to be followed to develop and manufacture defense equipment through Indian industry.
In view of that no government funding is implicated in 'Make-II' project, the DAC simplified the procedure to make it industry-friendly, with least government control.
The salient aspects of the revised course of action will now permit MoD to accept suo-moto proposals from the industry and also agree to start-ups to develop equipment for the Indian Defense Forces.
The minimum qualification criteria to take part in Make-II projects have also been hassle-free by removing conditions interrelated to credit rating and dropping financial net worth criteria. (NT)