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India invites global defence, aerospace firms to set up manufacturing units

India on Wednesday invited global defence and aerospace companies to set up manufacturing units in the country taking advantage of various initiatives taken by the government in the field.

Topics
defence sector

Press Trust of India  |  Bengaluru 

Indian aerospace firms are concerned that a failure to honour existing contracts could result in a flight of business to countries such as South Korea

India on Wednesday invited global

defence and aerospace companies to set up manufacturing units in the country taking advantage of various initiatives taken by the government in the field.

Prime Minister Narendra Modi said India offers unlimited potential in defence and aerospace.

"Aero India is a wonderful platform for collaborations in these areas. The Government of India has brought futuristic reforms in these sectors, which will add impetus to our quest to become Aatmanirbhar," Modi wrote on Twitter.

Speaking at the inaugural ceremony of Aero India-2021, the country's premier defence and aerospace show, at Air Force Station at Yelahanka here, Defence Minister Rajnath Singh invited global companies in the field to set up manufacturing units in the country by taking advantage of various initiatives taken by the government.

Since 2014, Singh said, the central government has brought in many reforms in to create a conducive ecosystem for exports, Foreign Direct Investment and offset discharge.

"I have been informed that about 540 exhibitors including 80 foreign companies, Defence Ministers, Delegates, Service chiefs and officials from more than 55 nations are participating in the event. It reflects the growing optimism of the global community", he said.

Despite the constraints posed by the global pandemic, Singh said he is pleased to see such a large number of participants in this years event.

"The Aero India 21 will display the vast potential of India, and the multifarious opportunities that our country offers in the field of defence and aerospace sector.

It also promises to be the World's First Ever Hybrid Aero and Defence exhibition", the Minister added on Twitter.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, February 03 2021. 14:16 IST
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