Rajnath Singh invites Swedish defence majors to set up manufacturing
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NEW DELHI: Defence minister Rajnath Singh on Tuesday invited main Swedish defence majors to arrange manufacturing bases in India as he showcased the nation as a horny vacation spot for funding to supply navy gear and platforms.
In an deal with at a convention on India-Sweden defence business cooperation, he mentioned the federal government has rolled out a collection of reforms to assist the defence industries serve not solely Indian necessities but additionally meet international calls for.
The defence minister additionally talked about permitting as much as 74 per cent international direct funding (FDI) by means of computerized route and as much as 100 per cent by means of authorities route within the defence manufacturing sector.
He mentioned the technology-centric FDI coverage will allow Indian industries to collaborate with Swedish industries within the subject of area of interest and confirmed navy applied sciences.
“Over the past few years, the Indian defence industry has been galvanised through progressive policy and procedural reforms which have catapulted the industry to serve not only Indian requirements but also meet global demand,” Singh mentioned on the digital convention.
He mentioned that the international OEMs (Original Equipment Manufacturers) can arrange manufacturing services individually or in partnership with Indian firms by means of joint ventures or know-how settlement to capitalise on the ‘Make in India’ initiative.
“Swedish firms such as SAAB already have a major presence in India and I am confident that other Swedish firms will find India as a major investment destination for defence manufacturing,” he mentioned.
“There is loads of scope for Sweden and Indian defence Industries for co-production and co-development. Indian business may also provide parts to Swedish industries,” he added.
Singh mentioned India has an enormous defence industrial base with 41 ordnance factories and 9 defence public sector undertakings and increasing non-public industries supported by an eco-system of over 12,000 micro, small and medium enterprises.
“The Mission – ‘Atmanirbhar Bharat’ or ‘Self-Reliant India’ of Prime Minister of India Narendra Modi is about producing cost-effective quality products and in its core has the motto – ‘Make in India’ and ‘Make for the World’,” he mentioned.
In his deal with, the defence minister additionally talked about that India has a strong shipbuilding business with an ecosystem of world-class private and non-private ship constructing firms.
He mentioned the ships constructed by Indian shipyards are of world requirements and intensely cost-effective.
“I take this chance to ask Swedish companies to spend money on the devoted defence corridors of Uttar Pradesh and Tamil Nadu the place they’ll profit tremendously from the distinctive incentives being supplied by the state governments and the supply of a extremely expert workforce in India,” he mentioned.


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