 "Defence Economics")
Shares of some defence public sector undertakings (PSUs) will be in focus on Tuesday, March 5, after the Ministry of Defence signed a tripartite Memorandum of Understanding (MoU) with them.
On Monday, the MoD signed a tripartite MoU with BEML Limited, Bharat Electronics Limited (BEL), and Mishra Dhatu Nigam Limited (MIDHANI) for indigenous development of Advanced Fuelling and Control System for Engines for heavy duty applications.
According to the Ministry of Defence, this collaborative initiative will focus on leveraging indigenous capabilities to design, test, and manufacture an Advanced Fuelling and Control System that offers enhanced efficiency, performance, and reliability.
"By harnessing the latest advancements in engine technology and control systems, the companies aim to extend their domain expertise for the development of engine systems which will ensure self-reliance in the field of Combat vehicles. The MoU corroborates the resolve of the Government to develop complex technologies within the country under the ‘'Aatmanirbhar Bharat' initiative," a joint statement said.
Separately,the MoD has also created a corpus fund of Rs 750 crore for three years, beginning from FY 2023-24, to develop about 30 deep-tech critical and strategic technologies in a proposed timeframe for capability enhancement of tri-services and Defence Space Agency.
Additionally, the Ministry has also enhanced the funding from Rs 10 crore to Rs 25 crore for start-ups for research, innovation and development of defence technologies, Defence Miniter Rajnath Singh said at an event in New Delhi.
The Defence Minister said that while, in 2014, our domestic defence production was around Rs 44,000 crore, today it has crossed the record figure of Rs 1 trillion, and growing continuously.
