Indian Defence Minister 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 Narendra Modi.
Rajnath Singh was delivering the inaugural address 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.
Terming the defence sector as an integral part of not just the security but overall growth of the country, Rajnath Singh stated the initiatives taken by the government have transformed India into a strong and reliable investment destination. Business leaders of India and US attended the 18th Indo-US Economic Summit virtually. The summit also comprised sessions on social issues like women empowerment.
“India is now home to a stable and secure government which focuses on economic growth through a series of reforms,” he said. “Robust domestic demand and availability of talented young workforce and innovation makes India a major investment destination,” he added.
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, Rajnath Singh 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 entrepreneurships and manufacturing in the defence sector.
Defence Minister Rajnath Singh called upon the industry leaders to focus on transfer of technology through joint ventures to realise the country’s true potential in the defence sector. Singh said the summit is taking place at a time when India is celebrating 75th year of Independence, terming it a platinum opportunity for foreign industries, especially US companies, to contribute in building ‘Aatmanirbhar Bharat.’
“I am sure that the economic and strategic partnership between India and the US will act as a springboard and the forum will act as a bridge to achieve this,” Singh said.
The Defence Minister informed the summit about the Indian initiatives such as setting up of Defence Industrial Corridors in Uttar Pradesh and Tamil Nadu, increasing the FDI limit to 74 per cent through automatic route and 100 percent through the government route under certain circumstances to promote investment in defence sector in India.