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National News

Feb 20, 2019
6:09PM

Defence Minister invites investments in aerospace

PTI
Defence Minister Nirmala Sitharaman has invited investors to capitalize on the ecosystem in aerospace and other sectors in India which offered a big market for Defence manufacturing. 

In her inaugural remarks at the Aero India 2019, at the Yelahanka air base in Bengaluru, Mrs Sitharaman made a strong pitch for Make in India. She referred to a slew of initiatives taken by the government, including permitting 100 per cent Foreign Direct Investment in Defence manufacturing. 

She said, during the last four years, 150 contracts worth about one lakh 27 thousand 500 crore rupees have been signed with the Indian vendors for procurement of defence equipment for the armed forces.
     
The  Defence Minister said 275 items of ordnance production are denotified for the private industries to take over. She said India today is producing Light Combat Aircraft, Light Combat Helicopter, Advanced Light Helicopter and Boeing parts within the country. 

She added that India has exported the advanced light helicopter to Nepal, Maldives and Mauritius and Cheetal helicopter to Afghanistan. She said that Original Equipment manufacturers are keen on setting up manufacturing units in the country. 

Speaking on the occasion, the Civil Aviation Minister Suresh Prabhu informed that Aviation sector has grown by 20 percent in the last four years in the country. 

Chief Minister of Karnataka H D Kumaraswamy, Chiefs of the three wings of Defence forces and other dignitaries were present.

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