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Defence ministry confirms private investment policy in military platforms

By Newsd
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Source: PTI

On Saturday, Defence Acquisition Council (DAC) confirmed the much-anticipated policy under which selected private firms will be included to build military platforms like submarines and fighter jets in India in partnership with foreign entities.

This decision is viewed as a major initiative that aims to create a better defence manufacturing ecosystem in the country by incorporating the leading Indian corporates as well as the MSME sector.

Notably, Defence Minister Arun Jaitley, held in-depth discussions on the new policy for the second time this week and decided to give a go-ahead to it. In the beginning, the policy is expected to be implemented for manufacturing of fighter aircraft, submarines and armoured vehicles, however, now it is to be expanded to other segments as well. Although, it is to be noted that the policy is to be examined by the finance ministry before being considered by the Cabinet Committee on security.

“Breaking new ground, the DAC under the chairmanship of Defence Minister, Arun Jaitley, today finalised the broad contours of a policy aimed at engaging the Indian private sector in the manufacture of high-tech defence equipment in India,” the defence ministry said in a statement.

“The policy will give a boost to the ‘Make in India’ policy in the defence sector and set Indian industry on the path to acquiring cutting-edge capabilities which will contribute to the building of self-reliance in the vital sector,” the ministry added.
Referring to sectors identified to implement the policy, it said additional segments may be added in future.

“Appropriate institutional mechanisms will be set in place to implement the policy,” the minister said.