Defence Minister: Funding of defence procurement be made easy

Defence Minister Nirmala Sitharaman emphasizes on indigenous defence production at CII Annual meeting; expresses confidence that procurement process will be made easier; Commerce Minister Suresh Prabhu says services and startups are being encouraged for job creation.

Defence Minister Nirmala Sitharaman has said there is a growing interest among various countries in Indian missiles and the government wants to sell them to the friendly nations. She invited greater private sector participation in the defence sector. The minister was speaking at the CII annual meeting in New Delhi.

In September 2014, Government launched the ‘Make in India’ initiative. The objective was to give a boost to manufacturing sector of India. India has been one of the top importers of Defence equipments in the world, and now Govt has been working hard to change that image. At industry body CII’s Annual Meeting on Monday, Defence Minister Nirmala Sitharaman, said that defence requirements & procurement are being streamlined to remove clouds of uncertainty.

The Minister invited industry to participate in the Defence Expo that starts on Tuesday and expressed the hope that the draft Defence Production Policy will bridge the gaps between industry and Govt. The policy envisages.

Making India one of the top five Defence Manufacturers in the world. The sector aims to achieve a turnover of Rs 1,70,000 crore in military goods and services by 2025 with exports of Rs 35,000 crore. It also envisages an additional investment of nearly Rs 70,000 crore, creating employment for 20 to 30 lakh people.

Referring to the Defence Industrial Corridors being built in Tamil Nadu and Uttar Pradesh, Defence Minister said that production will be based on defence needs. She highlighted that indigenisation has been a major part of every bilateral discussion.

Commerce and industry Minister Suresh Prabhu said that India is fast becoming a $ 5 trillion economy, and that Govt is working closely with industry for the creation of a new India.