India is in the advanced stages of formulating a policy to encourage domestic defence manufacturing and cut import of combat planes, ships and submarines, said Union Minister Arun Jaitley.
Addressing the annual meeting of CII here, Finance Minister Jaitley, who holds additional charge of the Defence Ministry, said the focus would be on technological tie-ups to help India become a “manufacturing economy”.
According to PTI, Arun Jaitley said that India is in the advanced stages of formulating a policy to encourage domestic defence manufacturing and cut import of combat planes, ships and submarines, Union Minister Arun Jaitley said today.
He, however, did not elaborate on the policy in works and whether it will include tax incentives and state support.
With its growing global clout, India — which has topped the Stockholm International Peace Research Institute’s list of largest defence importers for the last seven years — is looking at self-reliance in aerospace and defence industry.
The government has pledged to spend USD 250 billion by 2025 on weapons and military equipment.
Jaitley had last week in US stated that the policy will help major global defence companies set up manufacturing units in the country in collaboration with Indian firms.
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