Global original equipment manufacturers (OEMs) were recently encouraged by Rajnath Singh, the minister of defence, to co-develop, co-produce, integrate, and improve supply chains, create joint ventures, establish manufacturing in India, and make for the world.
Singh claimed that India provides the global defence industry considerable benefits such as competitive land costs, competent people resources, a strong start-up ecosystem, and a sizable domestic defence market during a
conversation with top executives of OEMs on the sidelines of Aero India in Bengaluru. He characterised this as a situation in which everyone wins and where defence manufacturing enterprises from around the world can contribute to the success of India. "Defence production achieves the twin goals of becoming self-reliant in a crucial industry and providing jobs for our people," Singh emphasised the significance of the defence sector for India.
The minister also referred to the central government policies encouraging FDI and defence manufacturing in India, as well as the incentives provided by the governments of Tamil Nadu and Uttar Pradesh for investment in defence industrial corridors. She also spoke about the robust legal system protecting stakeholders' interests and advancements in business ease of doing.
There are potential to set up manufacturing in India and produce for the entire world, he added, adding that these opportunities can come via joint ventures. The CEOs proposed ways to encourage foreign investment in Indian defence production, and Rajnath Singh assured them that the government will work to lower regulatory barriers for the private sector.
