Defence Minister Interacts With CEOs Of OEMs On Sidelines Of Aero India

Defence minister Rajnath Singh highlighted India’s significant advantage of competitive land costs, skilled human capital, a vibrant start-up ecosystem and a huge domestic defence market for the defence industry worldwide, in an interaction with the CEOs of Original Equipment Manufacturers (OEMs), according to the ministry of defence statement on Monday.

Singh while addressing the 14th Aero India emphasised the nation to be in a win-win situation where defence manufacturing companies from across the world can become a part of the Indian growth story.

He stressed the importance of the defence sector for India stating, defence production adds dual benefits, becoming self-reliant in a critical sector and generating jobs for people. 

He applauded the incentives by Uttar Pradesh and Tamil Nadu state governments for investing in defence industrial corridors, central government policies promoting FDI and defence manufacturing in India, the strong legal system protecting stakeholders' interests and improvements in ease of doing business.

The minister further highlighted the opportunities to co-develop, co-produce, integrate and strengthen supply chains, from joint ventures to a set-up for manufacturing in India and the world.

He assured the CEOs that the government will remove regulatory hurdles for the private industry supporting their suggestion to facilitate Global investment in Indian defence manufacturing.

The CEOs and senior management of General Atomics, Safran, Boeing, Embraer and Rafael Advanced Defence Systems witnessed the interaction. While Defence Secretary Giridhar Aramane, DG (Acquisition) Pankaj Agrawal, Additional Secretary, Defence Production T Natarajan and other senior officials of the Ministry of Defence were also present.