‘There is lot of scope for American and Indian defence Industries for co-production’

Raksha Mantri Shri Rajnath Singh has invited US companies to invest in India and contribute in realising the dream of ‘Make in India, Make for the World’ envisioned by Prime Minister Shri Narendra Modi. He was delivering the inaugural address on 15 September at the 18th India-US Economic Summit, on the theme ‘Bouncing Back – Resilient Recovery Path Post COVID-19’, organised by Indo-American Chamber of Commerce through video conferencing on September 15, 2021.

Terming defence sector as an integral part of not just the security but overall growth of the country, Shri Rajnath Singh stated the initiatives taken by the Government have transformed India into a strong and reliable investment destination.
The Raksha Mantri called upon the industry leaders to focus on transfer of technology through joint ventures to realise the country’s true potential in defence sector.

Shri Rajnath Singh emphasised that there is a lot of scope for the American and Indian defence Industries for co-production and co-development, adding that Indian industry can supply components to American Industries. Expressing confidence that American firms will find India as a major investment destination for defence manufacturing, he assured the Industry that the Government is open for new ideas to create a business-friendly environment in India and is committed to push all types of entrepreneurship and manufacturing in the defence sector.

The Raksha Mantri highlighted that, despite the COVID-19 situation, the country’s economy is back on track due to the steps taken by the Government. “India’s GDP has shown a ‘V’ shaped growth curve in the last two years. Where the growth witnessed a contraction of 24 per cent last year, a jump of 20 per cent has been seen in the first quarter of this year. It is a reflection of the country’s sound economic fundamentals,” he said.