Make in India Push for Defence Sector, Announcement of Separate Budget for Indigenous Weapons
New Delhi : Finance Minister Nirmala Sitharaman held a press conference today i.e. May 16, Saturday at 4 pm. In the last three days, Union Finance Minister Nirmala Sitharaman has announced three tranches of measures to cushion the impact of the Covid-19 pandemic and the lockdown on the economy.
By building a self-reliant India, the country needs to prepare for global competition, she says, adding that India also needs to face the challenges of the global value chain. “We are not looking inwards. It is making India rely on its strength, while facing the global challenges,” Sitharaman says. She added, “When we talk of self-reliant Bharat, we should prepare ourselves also for tough competition.”
We Have to be Self-Dependent in the Defence Sector
FM Nirmala Sitharaman says the government will notify a list of weapons/platforms for ban on import with year-wise timelines, and will also ensure indigenisation of imported spares. For this, a separate budget will be given for domestic capital procurement. This will also reduce the huge defence import bill.
In the defence sector, the government aims at improving autonomy, accountability and efficiency in Ordnance Suppliers by Corporatisation of Ordnance Factory Board.
FDI limit in defence manufacturing under automatic route raised to 74%
FDI limit in defence manufacturing under automatic route to be raised from 49 per cent to 74 per cent, says FM Nirmala Sitharaman. The government will also begin time-bound defence procurement and faster decision making by setting up a Project Management Unit (PMU) to support contract management. It will ensure realistic setting of General Staff Qualitative Requirements of weapons/platforms and overhaul trial and testing procedures.