India Permits Up To 74% FDI In Defence Manufacturing, Says PM Modi At Defence Industry Outreach Webinar | HIGHLIGHTS

While addressing 'Atmanirbhar Bharat Defence Industry Outreach Webinar', PM Narendra Modi said that centre aims to increase defence manufacturing in India.

New Delhi: Prime Minister Narendra Modi addresses 'Atmanirbhar Bharat' defence industry outreach webinar via video conference, in New Delhi, Thursday, Aug 27, 2020. (PTI Photo)

Prime Minister Narendra Modi on Thursday emphasised the need of making India self-reliant in terms of defence manufacturing for which, up to 74 per cent FDI through automatic route has been permitted. While addressing 'Atmanirbhar Bharat Defence Industry Outreach Webinar' through video conference today, the Prime Minister said that the central government aim to boost global peace through its resolve for ‘Aatmanirbhar Bharat’. Speaking at the virtual conference, PM stressed highlighting the fact that India has been one of the biggest defence importers for many years but now aims to boost India’s ability to be a net security provider. "For many years, India has been one of the biggest defence importers. When India got independence, it had the great capability in defence manufacturing and an ecosystem of defence manufacturing established over 100 years. Unfortunately, this subject couldn't get requisite attention," PM Modi said. He went on to say that with the resolve for 'Atmanirbhar Bharat', the centre aims to increase defence manufacturing in India for which, a decision has been taken to permit up to 74 per cent FDI in the defence manufacturing through automatic route. Prime Minister in his address also noted that the recent labour reforms not going to stop now. They will continue and we will not be tired from it, Modi said. Speaking on the same note, Defence Minister Rajnath Singh in his tweet said: "We are extremely confident that the Indian Industry has the wherewithal and tremendous manufacturing capability. It has also invested in Research & Development of defence products and is capable of producing world-class weapons and equipment."

We are extremely confident that the Indian Industry has the wherewithal and tremendous manufacturing capability. It has also invested in Research & Development of defence products and is capable of producing world class weapons and equipments.

— Rajnath Singh (@rajnathsingh) August 27, 2020

In his following tweet, the minister also invited suggestions and policy reforms, which will empower the Indian industry to produce world-class equipment and weapons. Earlier this week, the Defence Research and Development Organisation (DRDO) had released a list of as many as 108 systems and subsystems which have been identified for designing and development by the Indian Industry. DRDO assured full support to the private industries in India in designing and developing over 100 systems and subsystems. The list of 108 systems and subsystems shared by DRDO includes Mini and Micro UAVs, ROVs, Multipurpose Decontamination Systems, Mobile Decontamination Systems, Unit Maintenance and repair vehicles, Marine Rocket Launcher, etc. WATCH | IAF rescues man from swollen river in J&K | Top 50 (27.08.2020)