Defence Minister Rajnath Singh invites US defence companies to invest in India
Detailing the growing strategic and defence ties between India and United States, Defence Minister Rajnath Singh on Wednesday urged the US defence industry to forge joint ventures here and transfer state-of-the-art technology. Addressing the 18th India-US Economic Summit, Rajnath Singh also said his government is open to new ideas to create a business-friendly environment in India. Speaking on the theme ‘Bouncing Back – Resilient Recovery Path Post COVID-19’, organized by the Indo-American Chamber of Commerce through video conferencing, Rajnath Singh said defence sector is an integral part of not just the security but overall growth of the country.
Highlighting some initiatives, the Defence Minister said these have transformed India into a strong and reliable investment destination. He said India is now home to a stable and secure government that focuses on economic growth through series of reforms. He called upon the industry leaders to focus on the transfer of technology through joint ventures to realize the country’s true potential in defence sector. The foreign original equipment manufacturers can set up manufacturing facilities individually or partner with Indian companies through a joint venture or technology agreement to capitalize on the ‘Make in India’ initiative, he added.
Highlighting some initiatives, Defence Minister Rajnath Singh said these have transformed India into a strong and reliable investment destination.
Rajnath Singh exhorted them to begin the process of research and development with the young minds of the country which will increase the linkages among the industries and create an ecosystem through equal contribution from academia and research. The defence minister emphasized that there is a lot of scope for the American and Indian defence Industries for co-production and co-development, adding that the Indian industry can supply components to American Industries.
Shedding light on the growing ties between India and the US, Rajnath said the Comprehensive Global Strategic Partnership, 2+2 Dialogue, QUAD Security Dialogue, and agreements like Logistics Exchange Memorandum of Agreement (LEMOA) and Communications Compatibility and Security Agreement (COMCASA) have taken the bilateral relations to greater heights.
He, however, emphasized that the relations are yet to receive their full potential, saying that several progressive policies have been put in place in the last two years that have given the defence sector an unexpected growth trajectory. There is a lot of scope for the American & Indian defence Industries for co-production and co-development, said Rajnath Singh, tweeting his detailed speech:
Addressed the 18th ‘Indo-US Economic Summit’ organised by Indo-American Chamber of Commerce. There is a lot of scope for the American & Indian defence Industries for co-production and co-development.https://t.co/UwxiRxol8O pic.twitter.com/vSaRBxsOk8
— Rajnath Singh (@rajnathsingh) September 15, 2021
Prime Minister Narendra Modi is visiting the US on September 24 to attend the QUAD meeting and meeting US President Joe Biden.[1]
References:
[1] Prime Minister Narendra Modi to attend QUAD summit in Washington on Sep 24 and address UN General Assembly on September 25 – Sep 14, 2021, PGurus.com
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