TIME TO KINDLE INDO-RUSSIA ADVANCED DEFENCE PRODUCTION
BIG SCOPE FOR HIGHER TRADE, TECHNOLOGY ENGAGEMENT
2017-06-27 11:00
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Union Finance and Defence Minister Arun Jaitley’s open invitation to Russian firms, last week, to set up joint ventures with Indian companies to manufacture advanced military platforms through technology transfers couldn’t have at a more appropriate time as India gears up to overhaul its decades-old slow-moving defence production programme. India is the world’s largest defence and security gears importer. The gross annual armament and parts import bill, covering all the three services, para-military forces and other connected agencies, is close to US$10 billion. The BJP-led government’s path-breaking initiatives for defence production in India have been received enthusiastically by the country’s leading private industrial groups such as the Tatas, Reliance, Mahindra & Mahindra and Larsen & Toubro. Defence manufacturers from both sides of the North Atlantic has made positive responses to the government’s ‘make in India’ initiative.