Today, Defence Minister Rajnath Singh attended a webinar on India-Sweden Defence Industry Cooperation. In the meet, Minister Singh extended an invitation to the Swedish delegates to have a glimpse of the Indian Defense Industries and Defence Industry Corridors.
Defence Minister invited Swedish firms to invest in the Defence Corridors of Uttar Pradesh and Tamil Nadu. He outlined that the companies will highly benefit due to the unique incentives by the state governments and the availability of a highly skilled workforce.
The Minister highlighted that there is a wide scope for Sweden and Indian defence Industries for both co-production and co-development. Moreover, he added that the Indian industries can supply components to the Swedish industries.
Rajnath Singh pointed out that in the past few years, the Indian Defence Industry has been galvanized through progressive policy and procedural reforms. This has catapulted the Industry to serve not only Indian requirements but also meet global demand.
Reportedly, the Government of India has allowed Foreign Direct Investment or FDI up to 74 percent through automatic route and up to 100 percent through Government route. He mentioned that the technology-centric FDI policy will enable Indian industries to collaborate with Swedish industries in the field of niche and proven military technologies.
Lauding the major presence of SAAB a Swedish firm, Singh expressed his confidence that other Swedish firms will also find India as a major investment destination for defense manufacturing.
Highlighting the ‘Atmanirbhar Bharat’ campaign by Prime Minister Narendra Modi, Singh mentioned that it aimed to produce cost-effective quality products. Referring to this, he mentioned that the ships constructed by Indian Shipyards are of ‘global standards’ and extremely ‘cost-effective’.d