Current AffairsIndia

India land of billion opportunities for defence equipment makers: Nirmala Sitharaman

Bengaluru, Feb 20 (IECurrentAffairs) The 12th edition of Aero India 2019 began with the thunder of metal birds dotting the skies of Indian Air Force Yelahanka Air fields and Defence Minister Nirmala Sitaraman gave a clarion call to global Defence companies saying that India was a land of billion opportunities for Defence equipment manufacturers to expand globally by investing in the country.
Speaking at the inaugural function of the Asia’s biggest air show, she said that Prime Minister Narendra Modi government had rolled out a red carpet to Defence equipment manufacturers and under Make in India policy the country had signed 200 MoUs in this sector amounting to an investment of Rs 1.27 lakh crore in the last one year alone.
‘’Now we will be signing another 164 request for proposals that will be executed in the next one year with a size of Rs 2.80 lakh crore investment for Defence procurement. So, there are huge opportunities for the global majors to tie up with Indian companies in government, public and private sectors to tap the opportunities,’’ she added.
She said ease of doing business had been the focus of the union government and its offerings of better provisions, facilities and policy was providing a big boost to the growth of the country. With 100 per cent FDI allowed in the Defence manufacturing sector India is poised to take a big leap in Defence production to be among top countries in the world.
She said that Aero India was a calendar event for Bengaluru known as the Silicon Valley of the East that also house major Defence related units and Research and Development organisations. Make in India proposition in aerospace sector had resulted in big time expansion of Defence related manufacturing in this part of the country.
‘’This edition of this biennial event has attracted 600 Indian and 200 foreign companies are participating in the Asia’s largest Defence and aerospace exposition. Civil Aviation too joining hands,’’ Ms Sitaraman said.
The Minister also lauded the contribution of Start-Ups in the Defence manufacturing sector. India had become the capital of Start-Ups with over 20,000 of them in operation replicating what was happening in Israel. This sector is making big difference to aerospace sector.

Source
Via UNI-India
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