Modi pitch for `Make in India` |
Indian Prime Minister Narendra Modi made a strong `Make in India` pitch at the Aero India Expo in Bengaluru on February 18 calling it a platform to launch the country`s defense manufacturing sector. Flagging off the 10th edition of the air show, the largest ever, Modi noted a strong Indian defense industry would not only make India more secure, it would also make India more prosperous. Over 600 companies from India and abroad are participating at the five-day air show. They were looking to Modi for his government policy on attracting foreign and domestic investment in the capital-intensive defense equipment manufacturing. The PM promised a defense sector that would have room for everyone - public sector, private sector and foreign firms, also making clear that a preference would be given to equipment manufactured in India. He pointed out that 60 per cent of India`s defense equipment continues to be imported and said that that even a 20 to 25 per cent reduction in imports could directly create additional 100,000 to 120,000 highly skilled jobs. He pitched for a tax system that does not discriminate against domestic manufacture in comparison to imports. Modi talked about the politically contentious Foreign Direct Investment in defense, saying it could go higher than the current 49 per cent if high tech was brought into the country. Defense Minister Manohar Parrikar and at least 10 defense ministers from other countries including Britain, France, Germany, Israel and Russia are participating at the event, accompanied by high-profile delegations
|
|
|
|