Defense Minister Rajnath Singh Highlights India’s Progressive Reforms Encouraging Foreign OEMs

India’s progressive reforms in the defence sector have attracted foreign original equipment manufacturers (OEMs) to establish their presence in the country, according to Defence Minister Rajnath Singh. During an interaction with senior leadership from US defence companies, Singh highlighted the growing trend of OEMs from the US and other countries setting up manufacturing units in India, developing Joint Ventures, and making India their alternative export base.

The Defence Minister emphasized the emerging co-development and co-production opportunities in the defence sector in India during an industry round-table organized by the US-India Strategic Partnership Forum. He also mentioned the planned co-production of GE 414 aero-engines in India as a significant milestone in India-US bilateral relations.

Singh stressed the importance of ‘Partnership’ and ‘Joint Efforts’ in India’s defence industry collaboration with other nations. The event saw the participation of senior leadership from prominent US defence and technology companies such as Boeing, GE, Lockheed Martin, and Raytheon Technologies, along with Indian companies like Tata Sons and ideaForge.

The Indian government’s focus on achieving self-reliance in the defence sector has led to the highest-ever growth in indigenous defence production in value terms during the Financial Year 2023-24. The data shows a record-high value of defence production in the country at Rs 1,26,887 crore, reflecting a growth of 16.7% over the previous financial year.

Additionally, defence exports reached a record-high of Rs 21,083 crore in the financial year 2023-24, showing a growth of 32.5% over the previous fiscal year. The data highlights the steady growth in defence production by both Defence Public Sector Undertakings (DPSUs) and the private sector.

The interaction between the Defence Minister and industry leaders provided valuable insights into ongoing projects and future plans for India’s defence sector. The collaborative efforts between India and foreign OEMs signify a positive outlook for the country’s defence industry and its global partnerships.