Bengaluru: India on Wednesday wooed investors to capitalise on the ecosystem prevailing in the aero space and other sectors and pitched for joint venture partnerships, saying it offered a big market in Defence manufacturing.
Defence Minister Nirmala Sitharaman made the pitch for investment seeking to give a big push for the ‘Make in India’ initiative at Asia’s premier air show which began at the Yelahanka air base, north of Bengaluru.
Eyeing India’s multi-billion dollar market, global defence majors are showcasing technologies and products including helicopters, fighter jets and transport aircraft at the five-day mega event.
The event began on a sombre note, a day after two aircraft of Surya Kiran, Indian Air Force (IAF)’s aerobatics team, collided mid-air, killing a pilot and injuring two others who ejected to safety. Also at the air show extravaganza, American Defence giant Lockheed Martin unveiled the F-21 multi-role fighter jet for India, to be produced locally, as it eyed a multi-billion dollar military order. “Hundred per cent FDI is possible now in the defence sector, so I invite all investors to consider to capitalise on the ecosystem which prevails for Aerospace and other segments which can help manufacturing in India,” Sitharaman said in her inaugural remarks.Noting that India has manufactured till date more than 4,000 aircraft, she said there was a “great possibility” for the Original Equipment Manufactuters (OEM)s from abroad to come and find joint venture partners.
She said the OEMs have a “captive market” and they could scale up production, besides making exports from India.India also had a robust supply chain with 10,000 micro, small and medium entrepreneurs who make 80 per cent of the components, aggregates and assemblies of complex weapon system and aircraft, she said. She said between 2014-15 and October 2018, as many as 150 contracts worth about Rs 1,27,500 crore had been signed with Indian vendors for procurement of defence equipment for armed forces. (PTI)
