According to Defence Minister Rajnath Singh, the Central Government is aiming to complete all its military acquisitions by two years and will be encouraging private participation in these projects.
Addressing a post-budget webinar named ‘Budget Announcements 2021-22’, he said, “We will make efforts to complete the defence acquisition within two years, instead of the existing three-four years being taken on the average,” highlighting the efforts that the Center has been making to push forward the defence of the country.
Talking about the previous course of action the Ministry had been following he said, “the government has brought many reforms in the last six years. There is a clear focus of the government on ‘Ease of Doing Business’ to encourage foreign Original Equipment Manufacturer (OEMs), to set up manufacturing units in India, develop joint ventures and promote private participation in the defence sector.”
In the webinar, Rajnath Singh relayed that the Government’s focus towards achieving capital returns has increased in lieu of Union Budget 2021-22’s revenue allotment towards the defence and the ministry is aiming to “achieve a turnover of Rs 1,75,000 crore ($25 billion) including export of Rs 35,000 crore ($ 5 billion) in aerospace and defence goods and services by 2024.”
“To widen the investment base, the Government of India has enhanced FDI in defence sector up to 74 per cent under Automatic Route and 100 per cent under Government route. This would further act as a catalyst for foreign players to invest in India,” he also added.
Ahmedabad Plane Crash