Govt to Make India One of The Top Military Equipment Manufacturers.News Reporter 31 July 2018 0 COMMENTS
The govt is likely to unveil a major policy next month outlining a roadmap to build a robust defence production industry and make India one of the top five manufacturers of military equipment and platforms in the next 10 years. Official sources said the final touches are being given to the policy before it is being placed before the Union Cabinet for approval. They said a significant focus of the defence production policy will be to invest adequate resources to develop critical technology for manufacturing state-of-the-art military platforms including fighter jets, attack helicopters and weaponry indigenously. The govt is looking at achieving a turnover of Rs 1, 70,000 crore in military goods and services by 2025. A Swedish think tank, in a report in March, said India remained the largest importer of military hardware in the world in the last five years, adding Indian imports of major weapons rose by 111 per cent in the last five years compared to 2004-08. Officials said the aim of the DPP would be to indigenously develop all major platforms which are being imported since in the last six decades. India inked 187 contracts worth Rs 2.40 lakh crore with foreign and domestic firms for various military equipment and weapons in the last four years. However, majority of the projects are yet to take off due to procedural delays.