PM Modi assures domestic procurement of military hardware
Prime Minister Narendra Modi said the defence budget has kept aside funds to buy arms exclusively from Indian companies
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Union defence minister Rajnath Singh on Monday said the government will soon be adding more products to the list of hardware that cannot be purchased from foreign suppliers, even as Prime Minister Narendra Modi assured the industry that the military hardware, which Indian firms were capable of designing and manufacturing in the country, will not be procured from abroad.
Both Modi and Singh were speaking at an event hosted by the Confederation of Indian Industry and the Society of Indian Defence Manufacturers on the budget proposals to boost domestic manufacturing of defence hardware.
The other major initiative to cut imports is the negative list, which is being progressively implement from 2020-2024, with the forces drawing up a list of items in partnership with DRDO and the Indian industry. The minister has now suggested that the next list which will be issued shortly should also consider an embargo on spares being imported.
Bengaluru, February 5
The defence equipment making industry in India is eyeing a possible Rs 6,00,000 crore (approx $80 billion) of orders from the Ministry of Defence over the next seven-eight years, says Jayant D Patil, who heads the Society of Indian Defence Manufacturers, the apex industry body of the sector. The body has some 400 members of the manufacturing industry across the country.
Patil, in an interview to The Tribune at the Aero India, gave an industry perspective to the announcement made by Defence Minister Rajnath Singh of spending some $130 billion over seven-eight years. Patil said he expected some $80 billion worth of this work to be done by Indian Industry.
The Indian Army signed an agreement with a local defence industry organisation on 21 January to support the “indigenisation of spare parts”, the Ministry of Defence (MoD) in New Delhi has announced. The MoD said the memorandum of understandi.