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Updated October 15th, 2021 at 15:44 IST

Rajnath Singh lauds newly-launched Defence companies, vows to 'take India to the top'

Converting the Ordnance Factory Board into seven corporate entities, the Central government has taken a major step towards 'Atmanirbhar Bharat'. Read further.

Reported by: Nikita Bishay
Rajnath Singh
Image: PTI/Twitter/@RajnathSingh | Image:self
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Prime Minister Narendra Modi on Friday launched seven new Defence companies which will help to take India's Defence sector to new heights. Speaking at the launch event, Union Defence Minister Rajnath Singh asserted that the aim of the Central government is to bring India among the 'top countries' in the world. He said that the seven new Defence companies will help in bringing India to the top position in the category of design, production, export, and participation.

Further speaking about the Centre's 'Atmanirbhar Bharat' initiative, he said that the historic decision has been taken by the Government of India by converting the Ordnance Factory Board (OFB) into government-owned corporate entities with professional management. The companies were launched on Friday, October 15, and are dedicated to the nation in the course of reformative change, Singh added. 

While speaking about the target set by the Defence Ministry, Singh said that the Ministry aims to achieve a turnover of Rs 1,75,000 by 2024 in aerospace and defence goods and services further including exports of Rs 35,000 crore. 

Earlier in the day, PM Modi through a virtual conference launched 7 new companies that will be entering the Defence sector and further hoped that these companies will help in becoming the base of strength for the country. The companies were launched at the DRDO campus in Delhi on occasion of Dussehra or Vijaya Dashami. 

 

He said, "Under the self-reliant India campaign, the country's goal is to make India the world's biggest military power on its own, development of modern military industry in India. In the last seven years, the country has worked to carry forward this resolve with the mantra of 'Make in India."

Centre launches seven new Defence companies on Dussehra

Converting the Ordnance Factory Board (OFB), a subordinate office of the Ministry of Defence into seven corporate entities, the Central government has taken a major step towards reforming the defence sector of India. 

These companies will have 66 firm contracts costing Rs 65 crore from the three major services and paramilitary forces. 

These new companies are Advanced Weapons and Equipment India Limited, Troop Comforts Ltd, Avani Armoured Vehicles, Munitions India Limited, India Optel Limited, Gliders India Limited, and Yantra India Limited. 

Many political leaders were present at the launch ceremony in Delhi. 

With ANI inputs

Image: PTI/Twitter/@RajnathSingh

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Published October 15th, 2021 at 15:44 IST

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