With growing strategic and defence ties between the two countries, Defence Minister Rajnath Singh on Wednesday urged the US defence industry to forge joint ventures here and transfer state of the technology.
Making this pitch while addressing the 18th India-US Economic Summit, he also said the Government is open to new ideas to create business-friendly environment in India.
Speaking on the theme ‘Bouncing Back – Resilient Recovery Path Post Covid-19’, organised by Indo-American Chamber of Commerce through video conferencing, Rajnath said defence sector is an integral part of not just the security but overall growth of the country.
Highlighting some initiatives, the Minister said these have transformed India into a strong and reliable investment destination. He said, India is now home to stable and secure Government which focuses on economic growth through series of reforms.
He called upon the industry leaders to focus on transfer of technology through joint ventures to realise the country’s true potential in defence sector. The foreign original equipment manufacturers can set up manufacturing facilities individually or partner with Indian companies through a joint venture or technology agreement to capitalise on the ‘Make in India’ initiative, he added.
Rajnath exhorted them to begin the process of research and development 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.
Rajnath 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.
Shedding light on the growing ties between India and US, Rajnath said the Comprehensive Global Strategic Partnership, 2+2 Dialogue, Quad Security Dialogue and agreements like Logistics Exchange Memorandum of Agreement (LEMOA) and Communications Compatibility and Security Agreement (COMCASA) have taken the bilateral relations to greater heights.
He, however, emphasised that the relations are yet to receive its full potential, saying that several progressive policies have been put in place in the last two years that have given the defence sector an unexpected growth trajectory.