SOURCE: HT
While addressing an event on making India self-reliant in defence sector through video conference, Prime Minister Narendra Modi said on Thursday that government aims to increase defence manufacturing in India
“For many years, India has been one of the biggest defence importers. When India got independence, it had great capability in defence manufacturing and an ecosystem of defence manufacturing established over 100 years. Unfortunately, this subject couldn’t get requisite attention,” the prime minister said at Atmanirbhar Bharat Defence Industry Outreach Webinar.
The prime minister further said that a decision has been taken to permit up to 74% FDI (foreign direct investment) in the defence manufacturing through automatic route.
“Efforts being made to boost defence production, develop new technology and give big role to private players in defence sector,” PM?Modi said.
Import embargo on certain defence equipment aimed at giving boost to Indian defence industry, the prime minister said.
“We also saw labour reforms recently; reform exercise not going to stop now,” PM Modi said at the webinar. “Our resolve for ‘Aatmanirbhar Bharat’ not inward-looking, but for making India capable and boosting global peace and economy.”
