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Rajnath Singh invites Swedish defense majors to establish manufacturing centers in India | India News


NEW DELHI: Defense Minister Rajnath Singh on Tuesday invited top Swedish defense authorities to establish manufacturing bases in India, while showing the country as an attractive destination for investment in the production of military equipment and platforms.
In a speech at a conference on India-Sweden defense industry cooperation, he said that the government has implemented a number of reforms to help defense industries meet not only India’s requirements, but also with global demands.
The Defense Minister also mentioned that up to 74 percent of foreign direct investment (FDI) is allowed automatically and up to 100 percent through the government in the defense manufacturing sector.
He said the technology-focused FDI policy will allow Indian industries to collaborate with Swedish industries in the field of proven and niche military technologies.
“In recent years, the Indian defense industry has been galvanized through progressive policies and procedural reforms that have catapulted the industry to meet not only Indian requirements, but also global demand,” Singh said at the virtual conference. .
He said that foreign OEMs (Original Equipment Manufacturers) can establish manufacturing facilities individually or in partnership with Indian companies through joint ventures or technology agreements to capitalize on the ‘Make in India’ initiative.
“Swedish firms like SAAB already have a significant presence in India and I am confident that other Swedish firms will find India a major investment destination for defense manufacturing,” he said.
“There is a lot of scope for Swedish and Indian defense industries for co-production and co-development. Indian industry can also supply components to Swedish industries,” he added.
Singh said India has a vast defense industrial base with 41 artillery factories and nine expanding public sector defense companies and private industries supported by an ecosystem of more than 12,000 micro, small and medium-sized enterprises.
“The mission: ‘Atmanirbhar Bharat’ or ‘Self-sufficient India’ of the Prime Minister of India, Narendra Modi, is about producing cost-effective quality products and at its core has the motto: ‘Make in India’ and ‘Make for the World ‘ ,” he said.
In his speech, the Defense Minister also mentioned that India has a robust shipbuilding industry with an ecosystem of world-class private and public shipbuilding companies.
He said that the ships built by the Indian shipyards meet world standards and are extremely profitable.
“I take this opportunity to invite Swedish companies to invest in the dedicated defense corridors of Uttar Pradesh and Tamil Nadu, where they can greatly benefit from the unique incentives offered by state governments and the availability of a highly skilled workforce in India. “, He said. saying.

Times of India