India’s self-reliance in defense sector to boost its global standing: Modi
Prime Minister Narendra Modi said on Thursday that his government’s resolve for ‘Aatmanirbhar Bharat’ is not inward-looking, but aimed at boosting India’s capabilities and global peace, and also for helping the world economy become more stable.
Speaking at a defense industry outreach seminar, Modi said India’s self-reliance on defense capabilities will boost its standing of being a net security provider in the Indian Ocean, make it a defense supplier for many friendly countries and deepen strategic ties.
Wooing private players, he asserted that the import embargo on a number of defense equipment is not only aimed at curbing imports but also giving a boost to the domestic industry. He said more items will be added to this import embargo list later.
He noted that India has long been one of the biggest defense importers in the world and rued that enough attention was not paid to augmenting domestic production in the past despite the country having inherited a capable ecosystem at the time of Independence.
Asserting that a new mindset has emerged on his government’s watch, he said it is working to boost domestic manufacturing and developing new technologies with the maximum role for the private sector.
His government has opened the way for 74 percent FDI (Foreign Direct Investment) in defense production through the automatic route, he noted.