Defence Minister Rajnath Singh on Wednesday invited American companies to invest in India and participate in realising Prime Minister Narendra Modi’s dream of “Make in India, Make for the World”.
Delivering the inaugural address at the 18th India-US Economic Summit, on the theme ‘Bouncing Back – Resilient Recovery Path Post COVID-19’, the Defence Minister said the defence sector was an integral part of the country’s security but also for the overall growth of the country.
Singh stated that the initiatives taken by the government have transformed India into a strong and reliable investment destination.
“India is now home to the stable and secure government which focuses on economic growth through series of reforms.”
He added that robust domestic demand and availability of talented young workforce and innovation make India a major investment destination.
The defence minister called upon the industry leaders to focus on the transfer of technology through joint ventures to realise the country’s true potential in the defence sector.
The foreign companies can set up manufacturing facilities individually or can partner with Indian companies through a Joint venture or technology agreement to capitalise on the ‘Make in India’ initiative, he added.
Singh exhorted them to begin the process of R & D 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.
He emphasised 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.
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 to 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 meet was organised by the Indo-American Chamber of Commerce through video conferencing.