Government Encourages Private Sector Participation In Defence Sector: Rajnath Singh

28 Jul 2022 , 11:20 AM

Mr Rajnath Singh, Defence Minister, Government of India said that ammunitions and components are equally important for all defence services. There is a need to have a strong base of ammunition manufacturing in India. We need to emphasize on indigenous designs, he added. Looking at Indias regional and geo-political imperatives along with the security challenges, the vision of Atmanirbharta in defence production cannot be left behind, highlighted Mr Singh. Addressing the 2nd conference on Military Ammunition AMMO India 2022, organized by FICCI, jointly with CENJOWS, Raksha Mantri added that Atmanirbhar Bharat does not mean India closing the doors for the world. India is ranked in top 10 countries as far as defence expenditure is concerned which makes it an attractive destination for defence manufacturing. Ministry of Defence is promoting foreign OEMs (original equipment manufacturers) to not only invest in Indian defence market but provide opportunity to export from India also, he added. He further stated that while embarking on the journey of Atmanirbhar Bharat, it is important to have a healthy mix of local endeavors along with thrust on foreign collaborations. Whenever a country embarks on a new growth journey, all stakeholders with collective approach including public-private sector, R&D establishments, start-ups, academia along with individual innovators are needed. The same collective approach is also needed in the Indian ammunition manufacturing sector as well, highlighted Mr Singh. Speaking on the role of private sector, the Defence Minister stated that the government understands the capabilities of the private sector. The government has taken a series of steps to increase private sector participation in the defence sector. The government is working to remove all barriers to help the industry including relaxation in certain conditions financial eligibility criteria, credit ratings etc. to facilitate and incentivize participation by the private sector, he added. Powered by Capital Market – Live News