In the run up to Independence Day, we bring you stories on sectors which have made major impact on the lives of citizens. In this series, today we bring you a report on Defence sector. Prime Minister Narendra Modi has stressed that the private sector can play an instrumental role in research, innovation, design, manufacturing of indigenous defence products to make the country self reliant in the defence sector. Speaking at a webinar on 22nd of February this year, Mr Modi had said, the government is promoting the indigenous manufacturing of defence technologies and equipment which will boost the MSME sector and startups.
AIR correspondent reports, India with the second largest armed forces and with the fifth largest defence budget in the world is in the path to achieve self-reliance in defence production. India’s first Indigenous Aircraft Carrier Vikrant, which successfully accomplished its maiden sea voyage on 8th of this month, has added another golden feather to country’s defence capabilities. The government has approved a long-pending proposal to restructure the Ordnance Factory Board that operates 41 ammunition and defence equipment production facilities.
The government’s thrust is on indigenization of defence production and equipment along with strengthening of the Defence forces. FDI policy in defence sector has been liberalised. The draft Defence Procurement Policy 2020 was a push forward for higher indigenous content.
Government raised the foreign direct investment (FDI) limit by automatic route in defence sector from the existing 49 per cent to 74 per cent. The much awaited Rafale’s journey from France to India was one of the most defining moments in the annals of defence history. Induction of Rafale aircraft along with acquisition of state of art weaponry has added to the firepower.