India seeks US investment in defense manufacturing |
Indian Defence Minister Rajnath Singh on 15 September invited US companies to invest in India under the ‘Make in India, Make for the World’ programme. The Minister was delivering the inaugural address at the 18th India-US Economic Summit, on the theme ‘Bouncing Back – Resilient Recovery Path Post COVID-19’, organised by the Indo-American Chamber of Commerce through video conferencing. Terming the defence sector as an integral part of not just the security but the overall growth of the country, Singh listed the initiatives taken by the Government of India, and said it has transformed India into a strong and reliable investment destination. Singh said India is now home to a stable and secure government with a focus on economic growth through series of reforms. Robust domestic demand and availability of talented young workforce and innovation make India a major investment destination. The Defence Minister called upon the industry leaders to focus on transfer of technology through joint ventures to realise the country’s true potential in the defence sector. He also emphasised that there is a lot of scope for the American and Indian defence industries for co-production and co-development, adding that Indian industry can supply components to American industries. Singh also assured that their Government is open for new ideas to create a business-friendly environment in India and is committed to pushing all types of entrepreneurship and manufacturing in the defence sector.
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