Rajnath Singh assures defense industry that Govt open to new ideas

Shri Rajnath Singh reaffirmed the Government’s aim of inclusive growth and making India a $5 trillion economy by 2025, adding that the defense sector will play a pivotal role in achieving this goal.


Devdiscourse News Desk | New Delhi | Updated: 04-10-2019 16:11 IST | Created: 04-10-2019 16:11 IST
Rajnath Singh assures defense industry that Govt open to new ideas
Raksha Mantri expressed confidence that the Indian Defence Industry will touch newer heights and make India a major defense manufacturing hub. Image Credit: Twitter(@rajnathsingh)
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Raksha Mantri Shri Rajnath Singh has called for increased and active participation of the private sector in defense manufacturing to achieve the Government’s target of making the Indian defense industry worth $26 billion by 2025. He was addressing the captains of industry at the 22nd India International Security Expo, 2019 (Defence & Homeland Security) here today. Shri Rajnath Singh reaffirmed the Government’s aim of inclusive growth and making India a $5 trillion economy by 2025, adding that the defense sector will play a pivotal role in achieving this goal. “Our aim is to make a world-class domestic defense industry that is self-reliant and less dependent on imports”, he added.

Raksha Mantri stressed that in its present set up of ‘Minimum Government and Maximum Governance’, the Government plays the role of a facilitator and the duty of the industry is to work in tandem to realise the vision of ‘New & Strong India’. He hoped that the industry partners will come up with concrete investment and technological intervention proposals related to defense and avail the business opportunities present in the sector. He said, there is a need to make the system investor-friendly and create a conducive atmosphere for the growth of defense production with increased participation of the private sector.

Shri Rajnath Singh assured the defense industry that the Government is open to new ideas and remains committed to harnessing the entrepreneurship spirit and energies of the private sector. “As a friend, philosopher & guide, the Government is ready to hold frank discussions, even on issues and problems”, he said. Raksha Mantri expressed confidence that the Indian Defence Industry will touch newer heights and make India a major defense manufacturing hub. He invited domestic as well as foreign defense manufacturers to participate in DefExpo 2020 to held in Lucknow from 05 – 08 February.

Sharing his vision of making India an economic powerhouse and global superpower, Raksha Mantri said, he wants that every citizen of the country feels safe & secure and works for the progress of the nation to the best of his/her ability.

Describing the recent decision to reduce the Corporate Tax rate as historic, Raksha Mantri said, the step reflects the Government’s commitment to boost growth and investment.

Shri Rajnath Singh also listed out the recent measures taken by the Ministry of Defence under the ‘Make in India’ programme, including for Start-Ups & MSMEs, to further enhance the participation of the Indian industry. He said, Defence Procurement Procedure (DPP) 2016 has been revised to promote the domestic defense industry. Raksha Mantri also highlighted that the majority of capital procurement approvals given by the Defence Acquisition Council are indigenously developed or produced. “Buy India – Indigenously Designed, Developed & Manufactured (IDDM) has been introduced to promote indigenously designed & developed defense equipment”, he added.

On the Defence Industry Corridors in Uttar Pradesh & Tamil Nadu, Shri Rajnath Singh said, the corridors are being established to provide state-of-the-art infrastructure for the setting up of defense production facilities. He said the corridors will not only encourage the regional industry but also develop a well-planned & efficient industrial base to promote defense production.

The other initiatives highlighted by Raksha Mantri include - allowing 49% FDI through automatic route and more than 49% FDI through government route; liberalization of Industrial Licensing to remove barriers for manufacturers, especially SMEs; simplification of ‘Make’ procedure; notifying ‘Strategic Partnership’ model for Indian entities to develop a long-term partnership with Original Equipment Manufacturers (OEMs); setting up of ‘Defence Investor Cell’; end-to-end online offset processing portal to promote transparency and efficiency; and formulation of iDEX framework to encourage Indian Defence Sector innovations.

The 22nd India International Security Expo, 2019 (Defence & Homeland Security) has been organized from 03-05 October 2019 by Indian Trade Promotion Organisation (ITPO) in collaboration with Punjab, Haryana, and Delhi (Ph.D.) Chamber of Commerce and Industry, Ministry of Defence, Ministry of Home Affairs, Ministry of External Affairs, Ministry of Micro, Small and Medium Enterprises (MSMEs) and Defence Research & Development Organisation (DRDO) among others.

Vice Chief of Army Staff Lt Gen Manoj Mukund Naravane; Joint Secretary (Defence Production) Shri Sanjay Jaju; member of National Security Advisory Board & Chief Mentor, PHD Defence & Homeland Security (HLS) committee Lt Gen Subrata Saha (Retd.); CMD, ITPO Shri LC Goyal; and Chairman, PHD Defence & HLS Committee Shri Rajiv Bhatnagar were present on the occasion.

(With Inputs from PIB)

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