Union Defence Minister Nirmala Sitharaman has invited investors to capitalise on the ecosystem in aerospace and other sectors in India, which offered a big market for Defence manufacturing.
In her inaugural remarks after inaugurating “Aero India 2019” at the Yelahanka air base in Bengaluru, Nirmala Sitharaman made a strong pitch for “Make in India”. She referred
to a slew of initiatives taken by the government, including permitting 100 per cent Foreign Direct Investment in Defence manufacturing.
She elaborated that during the last four years, 150 contracts worth about one lakh 27 thousand 500 crore rupees have been signed with the Indian vendors for procurement of defence equipment for the armed forces.
Explaining the possibilities in the aerospace and defence sectors, the minister said the Original Equipment Manufacturers could fund joint venture partners so that the production could be scaled up.
She said they could have a captive market and could export from India.
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