Defence Minister Rajnath Singh wants defence industry to boost production, invest in R&D

Defence Minister Rajnath Singh on Tuesday addressed the gathering at the annual General Meeting of the Society of India Defence Manufacturing (SIDM) where he proposed private sector defence companies invest in Research and Development, significantly to technologies concerned with cyberspace. 

Raksha Mantri Rajnath Singh informed that SIDM had set up its first sub-state office in Lucknow for further extension. The move is being considered as a pivotal step to promote investments in the UP Expressway Industrial Development and UP Defence Corridor.

Defence Minister urges Indian defence industry to boost production

Laying focus on the manufacturing of defence-related utilities, Singh said that rapid changes in the global security scenario were expected to boost the demand for military equipment and the Indian industry must focus on boosting production. The Defence Minister further stated that the Indian Defence industry should take advantage of the policy reforms launched by the government during the last few years to boost domestic defence manufacturing.

"You are all aware that the global situation is changing very rapidly. No region in the world has not been affected by these changes," Singh said.

"Its impact can be seen on trade, economy, communication, political equation and military power," Singh said, adding that these developments are set to propel the demand for military equipment.

Defence Min asks private sector to invest in R&D

Taking note of the matter, Defence Minister Rajnath Singh urged private sector enterprises to invest in Research and Development with special attention on cyberspace. "We are providing a suitable growth environment to the private sector. Accordingly, we have opened up opportunities to build fighter jets, helicopters, submarines and tanks in India through the strategic partnership model," Singh said.

India encourages indigenous defence manufacturing

It should be noted that the government has initiated a series of measures in the recent past to encourage the domestic defence industry. The Defence Minister, in August 2020. had declared that India will halt the import of 101 weapons and military platforms like transport aircraft, light combat helicopters, conventional submarines, cruise missiles and sonar systems by 2024. Also, another list putting import constraints on 108 military weapons and systems such as next-gen corvettes, airborne early waiting systems, tank engines and radars, was issued recently.

The Centre, in May 2020, had announced increasing the FDI limit from 49% to 74% under the automatic route in the defence sector. The government has been emphasising boosting indigenous defence manufacturing.  The Ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing by 2025 that included an export target of USD 5 billion (Rs 35,000 crore) worth of military hardware

(Inputs: PTI)

(Image: ANI/PTI)