Speed Post News Network
New Delhi : Breaking new ground, the Defence Acquisition Council (DAC) under the Chairmanship of Minister of Defence Arun Jaitley on May 21, 2017, finalised the broad contours of a policy aimed at engaging the Indian private sector in the manufacture of high-tech defence equipment in India. The policy is aimed at developing the defence industrial eco-system in the country through the involvement of both the major Indian corporates as well as the MSME sector, according to a PIB release.
The policy, which was developed through extensive stakeholder consultations with Indian industry, envisages the establishment of long-term strategic partnerships with qualified Indian industry majors through a transparent and competitive process wherein the Indian industry partners would tie up with global OEMs to seek technology transfers and manufacturing know-how to set up domestic manufacturing infrastructure and supply chains.
The policy will give a boost to the ‘Make in India’ policy in the Defence sector and set Indian industry on the path to acquiring cutting-edge capabilities which will contribute to the building of self-reliance in the vital sector of national security requirements, according to the PIB release.