Rajnath Singh invites Swedish defence majors to set up manufacturing hubs in India
Rajnath Singh said the technology-centric FDI policy will allow Indian industries to cooperate with Swedish industries in the niche. The defence minister also mentioned allowing up to 74 per cent foreign direct investment (FDI) through automatic route.
“Over the past few years, the Indian defence industry has been galvanised through progressive policy and procedural reforms. Catapulted the industry to serve Indian requirements but also meet global demand,” Singh said at the virtual conference.
He said that the foreign OEMs (Original Equipment Manufacturers) can set up manufacturing facilities individually.
“Swedish firms such as SAAB already have a major presence in India. I am confident that other Swedish firms will find India as a major investment destination for defence manufacturing,” he said.
“There is a lot of scope for Sweden and Indian defence Industries for co-production and co-development. Indian industry can also supply components to Swedish industries,” he added.
Singh said India has a huge defence industrial base with 41 weapons factories and nine defence public sector undertakings. Further, enlarging private industries supported by an eco-system of over 12,000 micro enterprises.
“The Mission – ‘Atmanirbhar Bharat’ or ‘Self-Reliant India’ of PM of India Narendra Modi is producing cost-effective quality products. Its core has the motto – ‘Make in India’ and ‘Make for the World’,” he said.
The defence minister mentioned that India has a robust shipbuilding industry with an ecosystem of world-class public.
“I take this opportunity to invite Swedish firms to invest in the dedicated defence corridors of Uttar Pradesh and Tamil Nadu where they can benefit greatly from the unique reasons being offered by the state governments and the availability of a highly skilled workforce in India,” he said.