#India #military #politics #money #business #defense #MakeInIndia
On Wednesday, India approved a policy to boost local defense manufacturing by effectively picking industry champions that would want to tie up with key foreign defense companies to manufacture submarines, fighter jets, helicopters and armored vehicles in the country.
India is looking forward to spend about $250 billion in the next 10 years on it’s military, and the major priority for it is to boost local manufacturing to create more jobs and more affordable defense products.
Under the “Strategic Partnership” model, the government will shortlist and then pick Indian companies to join forces with foreign firms. The winners will be guaranteed billions of dollars of orders to incentivize them to manufacture.
Currently, the Indian defence manufacturing is dominated by state-run firms which are criticized for poor performance. Private firms such as Larsen & Turbo, Mahindra Group, Tata Group, Reliance Group and Adani Group, are working hard for the defense tenders too.
This is an amazing opportunity for foreign firms to collaborate with Indian firms. And India trying to rise up in military power is a major decision, considering it often finds itself in conflict with it’s neighboring countries.