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Role of the private sector has increased in Indian defence manufacturing over the years: PM Narendra Modi

Capital Market 

Mr Narendra Modi, Prime Minister of India said that the role of the private sector has increased in Indian defence manufacturing over the years. Today's India is working to further increase its capacity and capability in the sector. "The 21st century defence sector cannot stand without private sector partnership," he added. Addressing the virtual session 'Budget Announcements: 2021-22, Galvanizing Efforts for Aatmanirbhar Bharat', organized by the Ministry of Defence, jointly with FICCI and other industry chambers, Mr Modi said that to promote the Indian private sector, the government is giving more impetus on Ease of Doing Business. "We have taken a number of measures, including delicensing, deregulation, export promotion, foreign investment liberalization, in the defence sector. We are working ahead and focusing on transparency, predictability and ease of doing business," he added.

Elaborating on the recent Union Budget, Mr Modi said that this year's budget gives focus on increased private sector participation. There is a dedicated fund earmarked to boost the domestic procurement in the defence budget. "I would urge the private sector to come forward with not just manufacturing capabilities but also with design and development," he said. Highlighting the importance of MSMEs, Mr Modi said that they act as a backbone of the defence manufacturing and the reforms that are introduced will give more independence to MSMEs to expand further.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, February 23 2021. 11:47 IST