Prime Minister Mr Narendra Modi asserted that the Indian defence sector plays a very important role and self-confidence in this sector is key in achieving a modern and Atmanirbhar Bharat. The Prime Minister further mentioned that Atmanirbhar Bharat is not inward-looking but to make the global economy more stable, for global peace, and making India a self-reliant country. "This is also true for Atmanirbharta in the defence sector," he added. Mr Modi also emphasized that India has the capability to become a trusted supplier of defence equipment for its friendly countries. "We all collectively have to achieve the target of Atmanirbhar Bharat. It is a win-win situation for everyone including the public sector, private sector and foreign companies. The government is committed to providing a better eco-system," he said.
In order to support the private sector, Mr Modi said that the Ministry of Defence will allocate one portion of capital budget for promoting products manufactured within India. Speaking on the recent reforms announced by the government, Mr Modi emphasized that the process of the reforms will not stop but will continue. Defence Minister Mr Rajnath Singh said that we are committed to providing a level playing field to the industry and the vision of Atmanirbhar Bharat can only be achieved by this. He further added that the government is working on the process of corporatization of the Ordinance Factory Boards in the country, which will further strengthen the defence sector. Mr Singh added that the ministry has allocated Rs 52,000 crore from the defence budget for the current financial year to boost and promote domestic defence industries. He also laid emphasis on simplifying the procurement procedures and reducing the timelines for approvals.
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