Defense Minister Rajnath Singh on Tuesday urged private sector defense companies to invest in research and development, especially cyberspace-related technologies.
In a speech at the annual session of the Society of Indian Defense Manufacturers, he said the rapid changes in the global security scenario are expected to increase the demand for military equipment and Indian industry must focus on increasing from production.
Singh said the Indian defense industry should take advantage of policy reforms initiated by the government in recent years to boost national defense manufacturing.
“You all know that the world situation is changing very rapidly. There is no region in the world today that has not been affected by these changes,” he said.
“Its impact can be seen on trade, economy, communication, the political equation and military might,” Singh said, adding that these changes are expected to boost demand for military equipment.
In this context, he urged the private sector to invest in research and development with particular emphasis on cyberspace.
“We provide an appropriate growth environment for the private sector. As a result, we have opened up opportunities to build fighter jets, helicopters, submarines and tanks in India through the strategic partnership model,” Singh said. .
The government has launched a series of measures over the past two years to encourage the domestic defense industry.
In August last year, Singh announced that India would stop importing 101 weapons and military platforms such as transport planes, light combat helicopters, conventional submarines, cruise missiles and sonar systems by 2024.
A second negative list, imposing import restrictions on 108 weapons and military systems such as next-generation corvettes, airborne early warning systems, tank engines and radars, was released recently.
In May of last year, the government announced the increase of the FDI limit from 49 percent to 74 percent under the automatic channel in the defense sector.
The government focused on reducing dependence on imported military platforms and decided to support national defense manufacturing.
The Defense Ministry set a target of $ 25 billion (Rs 1.75 lakh crore) turnover in defense manufacturing by 2025, which included an export target of 5 billion dollars (Rs 35,000 crore) of military equipment.
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