India invites investment for defence sector, in Aero India 2019

Keen to invite investment in country’s defence sector, India pointed to ecosystem prevailing in the aero space and other sectors.

The country also pitched for joint venture partnerships, insisting that 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.

One of the key attractions was American Defence giant Lockheed Martin unveiling the F-21 multi-role fighter jet for India, to be produced locally, as it eyed a multi-billion dollar military order.

Noting that India has manufactured till date more than 4,000 aircraft, she said there is a “great possibility” for the Original Equipment Manufactuters (OEM) from abroad to come and find joint venture partners.

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.

The defence ministry is ensuring that procurement orders are given to Indian vendors, she added.

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