June 2, 2023
Rajnath Singh invites Swedish defence majors to set up manufacturing hubs in India | India News - Times of India

NEW DELHI: Defence minister Rajnath Singh on Tuesday invited main Swedish defence majors to set up manufacturing bases in India as he showcased the nation as a pretty vacation spot for funding to produce army tools and platforms.
In an deal with at a convention on India-Sweden defence business cooperation, he stated the federal government has rolled out a sequence of reforms to assist the defence industries serve not solely Indian necessities but in addition meet world calls for.
The defence minister additionally talked about permitting up to 74 per cent overseas direct funding (FDI) via automated route and up to 100 per cent via authorities route in the defence manufacturing sector.
He stated the know-how-centric FDI coverage will allow Indian industries to collaborate with Swedish industries in the sector of area of interest and confirmed army applied sciences.
“Over the past few years, the Indian defence industry has been galvanised through progressive policy and procedural reforms which have catapulted the industry to serve not only Indian requirements but also meet global demand,” Singh stated on the digital convention.
He stated that the overseas OEMs (Original Equipment Manufacturers) can set up manufacturing amenities individually or in partnership with Indian firms via joint ventures or know-how settlement to capitalise on the ‘Make in India’ initiative.
“Swedish firms such as SAAB already have a major presence in India and I am confident that other Swedish firms will find India as a major investment destination for defence manufacturing,” he stated.
“There is so much of scope for Sweden and Indian defence Industries for co-manufacturing and co-improvement. Indian business may provide parts to Swedish industries,” he added.
Singh stated India has an unlimited defence industrial base with 41 ordnance factories and 9 defence public sector undertakings and increasing non-public industries supported by an eco-system of over 12,000 micro, small and medium enterprises.
“The Mission – ‘Atmanirbhar Bharat’ or ‘Self-Reliant India’ of Prime Minister of India Narendra Modi is about producing cost-effective quality products and in its core has the motto – ‘Make in India’ and ‘Make for the World’,” he stated.
In his deal with, the defence minister additionally talked about that India has a sturdy shipbuilding business with an ecosystem of world-class private and non-private ship constructing firms.
He stated the ships constructed by Indian shipyards are of world requirements and intensely value-efficient.
“I take this chance to invite Swedish companies to make investments in the devoted defence corridors of Uttar Pradesh and Tamil Nadu the place they will profit drastically from the distinctive incentives being provided by the state governments and the provision of a extremely expert workforce in India,” he stated.

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