On February 14, 2023, the Raksha Mantri Shri Rajnath Singh met with the CEOs of Original Equipment Manufacturers (OEMs) outside of the 14th Aero India. He emphasised during the conversation that India provides the global defence industry tremendous advantages in terms of low land costs, competent people resources, a thriving start-up ecosystem, and a sizable local defence market. 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.
With the words, “Defence production meets the twin goals of being self-reliant in a crucial area as well as providing jobs for our people,” Shri Rajnath Singh highlighted the significance of the defence sector for India.
The central government’s policies supporting FDI and defence manufacturing in India, the robust legal system guarding the interests of stakeholders, and advancements in the ease of doing business were also mentioned. He also mentioned the incentives provided by the state governments of Uttar Pradesh and Tamil Nadu for investment in defence industrial corridors.
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 offered their recommendations for how to encourage foreign investment in Indian defence manufacturing, and Raksha Mantri reaffirmed the government’s commitment to removing regulatory barriers for the private sector.
CEOs and senior management of General Atomics, Safran, Boeing, Embraer and Rafael Advanced Defence Systems attended the interaction. Defence Secretary Shri Giridhar Aramane, DG (Acquisition) Shri Pankaj Agrawal, Additional Secretary, Defence Production Shri T. Natarajan and other senior officials of the Ministry of Defence were also present.
