. What is the status of ‘Make in India’ in defence sector?

 

India is currently the third highest military spending country in the world, after the US and China, as per Stockholm International Peace Research. India has second-largest standing army in the world, only after China.Majority of India’s military requirements are met through imports foreign countries such as Russia, France, the US, etc.

                The Government of India under ‘Make in India’ has been pushing for the domestic manufacturing of several goods. With this initiative from the government, the scenario in the defence sector is gradually changing. ‘Make in India’ has opened up the defence sector to private playersand foreign investments, which inturn is increasing domestic manufacture of military equipment. Today, several foreign OEMs are entering into strategic partnerships with local Indian companies in the manufacturing of military equipment. Some of the defence products that are being manufactured locally include HAL Tejas Light Combat Aircraft, Portable Telemedicine System for Armed Forces, Penetration-cum-Blast (PCB) and Thermobaric (TB) ammunition designed for Arjun tanks, Varunastra- a heavyweight torpedo, etc.

Having said that, unfortunately, India’s imports increased by 24 percent between 2013 and 2017, despite efforts by the Government of India to move towards domestic manufacturing. SeveralIndian giants such as Adani Defence and Aerospace, Tata Advanced Systems, and Bharat Forge have collaborated with foreign defence manufacturing companies for the domestic manufacture of military equipment. Butmany ofthese projects are yet to be finalised. Therefore, ‘Make in India’ is yet to gear up in the defence sector.

                To know more about how to invest in the Indian defence sector, kindly register at SolutionBuggy. SolutionBuggy is India’s biggest platform with more than 200 defence and aerospace consultants.

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