Defence reforms: Indian manufacturers looking to ride the opportunity

FM Nirmala Sitharaman had announced a series of measures to boost investments in India's defence and aerospace sector last week as part of the tranche 4 of the Rs 20 trillion economic stimulus

The recent reforms announced in the defence sector are set to give clarity on the procurement strategy. This, in turn, will give Indian companies an opportunity to plan their investment and capacity, said officials at the Mahindra group and Larsen & Toubro (L&T).

Be it a separate budget for domestic capital procurement, stopping phase-wise import of equipment or sourcing the spares locally, all these measures will boost Make in India, they said. S P Shukla, group president — aerospace, defence, agri & steel sectors — at the Mahindra group, said, “What has been announced is a wholesome package with short,