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India to finish its new defense-related strategic materials policy 71310162.
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Defence & Security News - India
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India to finish its new defense-related strategic materials policy
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Indian defense ministry is finalizing a new strategic materials policy so that it can promote production as well as storage of defense-related strategic materials, said Indian Defense Minister Manohar Parrikar on Wednesday.
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 Indian Defense Minister Manohar Parrikar |
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Defence Minister Manohar Parrikar said on the sidelines of an industry exhibition on technology and material sciences in Navi Mumbai that he expects another INR 50,000 crore (US $7.4 billion) -60,000 crore (US $9 billion) worth of defense contracts to be signed during the remaining quarters of the financial year, taking the total orders to INR 3 trillion (US $45 billion) since he took charge two years ago.
“We have set up a study team to draft a new strategic materials policy to promote the sector, which involves production and storage of these materials,” he added. “During the past 23 months that I have been in charge, we have signed contracts worth INR 2.2 trillion (US $33 billion). The Cabinet Committee on Security had in August cleared a proposal to get Goa Shipyard build mine counter measure vessels for the Navy at an estimated cost of over INR 32,000 crore (US $4.7 billion), taking the total orders to INR 2.5 trillion (US $37 billion),” he said. “The Make in India initiative has seen defense exports from INR 500 crore (US $74.6 million) to INR 3,000 crore (US $447.9 million), though the ministry figures will show only INR 2,100 crore (US $313.2 million). One reason for this is that exports of aviation sector items are not included in this as it has been delicensed. ”Parrikar explained that the Defense Ministry tabulates only those goods that are in the licensed segments. As many 65 per cent of defense sub-segments are de-licensed now and are, therefore, not in the information list of the defense ministry. “If we include the gains from the offset clause, our defense-related exports should be about USD 1 billion, out of which defense items alone are worth INR 3,000 crore (US $447.9 million), which I hope to increase it to INR 10,000 crore (US $1.4 billion) soon,” he said. When asked about the inflows through the FDI route after foreign director investment cap was hiked to 49 per cent, he said so far it has been about US $100 million but will go up as foreign capital flows in at stages. |
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