18 March, 2016
It is in strategic interest of a nation aspiring to be the regional power to develop indigenous and internationally competitive defence industry base. Presently, India is one of the largest importers of conventional defence equipment. According to government statistics, roughly 60% of India’s defence requirements are met through imports.
India has the potential to emerge as a global platform for defence research, manufacturing, supply chain sourcing, software development, and offsets, which will strengthen our defence capabilities and spur industrial development as well as exports in this sector.
Government is also carrying out reforms in defence procurement to increase efficiency, invite foreign players with excellent capabilities and encourage domestic industry. It has introduced policies to strengthen technology transfer, including liberalized FDI in defence production. The report of Committee of Experts for Amendments to Defence Procurement Policy (DPP) 2013 is a progressive step in this direction. Also, Make in India the new flagship program of Government of India has put a renewed emphasis on creating a conducive policy environment for improving domestic defence manufacturing.
These radicle initiatives present opportunities for the foreign companies to enter India and local companies to collaborate and design, develop and showcase their engineering strength. This will also further India’s objective to create jobs, catalyze technology development, and transform India into a self- reliant nation with export capabilities in defence sector. India’s existing wealth of talent, technology and cost advantages together can help make defence products globally competitive.
It is a proud moment for us to share with you the report on “Make In India-An overview of Defence Manufacturing in India” at the momentous occasion of 11th Indo- US Economic Summit: Taking the Bilateral Trade to USD 500 Billion. Indian government is supporting the creation of a vibrant domestic defence manufacturing base in the country. Policy environment in India has never offered so many tangible opportunities to pursue co-development and co-production projects. We welcome you to come and Make in India!
To read the full guide, please click here.
For further information, please contact:
Ravi Singhania, Partner, Singhania & Partners
ravi@singhania.in
