Foreign, domestic firms will be consulted on defence procurement policy: PM
April 12,2018|Business Standard|Full Article
Major stakeholders, including foreign and domestic firms, will be consulted on the defence production and procurement policy, Prime Minister Narendra Modi said today, asserting that the government was attempting to give a major push to military manufacturing in India.
The Defence Ministry last month had come out with a draft policy which envisages achieving a turnover of Rs 1,70,000 crore in military goods and services by 2025 by promoting the domestic defence industry. The policy is likely to be finalised in the next two months.
he prime minister also launched an Innovation for Defence Excellence' scheme. Under the scheme, defence innovation hubs will be set up throughout the country to provide necessary incubation and infrastructure support to the start-ups in the defence area.