(From Nikkei Asian Review)
Prime Minister Narendra Modi’s efforts to turn the country into a major industrial powerhouse under the slogan “Make in India” have taken a new twist, with the launch of an initiative to increase domestic production of military equipment.
Currently the country manufactures a certain number of fighter jets, submarines and helicopters, but relies on imports for 70% of its weapons and other military equipment. The country has now moved to substantially increase the issuance of manufacturing licenses to domestic private companies and relax regulatory controls on direct foreign investment in India’s defense industries.
Modi’s government hopes that increased domestic production will lead to more exports and help to increase the country’s foreign exchanges. Read more