Rajnath Singh says there is a lot of scope for the American and Indian defence industries for co-production and co-development

NEW DELHI, Sep 15 (The CONNECT) - Defence Minister Rajnath Singh today invited the US companies to invest in India and contribute in realising the dream of ‘Make in India - Make for the World’ envisioned by Prime Minister Narendra Modi.

Delivering the inaugural address at the 18th India-US Economic Summit, Rajnath Singh termed defence sector as an integral part of not just the security but overall growth of the country. The initiatives taken by the Government have transformed India into a strong and reliable investment destination, he said.

@rajnathsingh tweeted: Addressed the 18th ‘Indo-US Economic Summit’ organised by Indo-American Chamber of Commerce. There is a lot of scope for the American & Indian defence Industries for co-production and co-development.

The summit with the theme ‘Bouncing Back – Resilient Recovery Path Post COVID-19’, was organised by Indo-American Chamber of Commerce through video conferencing.

Rajnath Singh said India is now home to stable and secure government which focuses on economic growth through series of reforms. Robust domestic demand and availability of talented young work force and innovation make India a major investment destination.

He called upon the industry leaders to focus on transfer of technology through joint ventures to realise the country’s true potential in defence sector. The foreign OEMs can set up manufacturing facilities individually or partner with Indian companies through a JV or technology agreement to capitalise on the ‘Make in India’ initiative, he said.

He emphasised that there is a lot of scope for the American and Indian defence Industries for co-production and co-development, adding that Indian industry can supply components to American Industries. Expressing confidence that American firms will find India as a major investment destination for defence manufacturing, he assured the industry that the Government is open for new ideas to create a business-friendly environment in India and is committed to push all types of entrepreneurship and manufacturing in the defence sector.

As India is celebrating 75th year of Independence, it provides a “platinum opportunity” for foreign industries, especially US companies, to contribute in building ‘Aatmanirbhar Bharat’. “I am sure that the economic and strategic partnership between India & US will act as a spring board and the forum will act as a bridge to achieve this,” he added.

Rajnath Singh highlighted that, despite the COVID-19 situation, the country’s economy is back on track due to the steps taken by the Government. “India's GDP has shown a 'V' shaped growth curve in the last two years. Where the growth witnessed a contraction of 24 per cent last year, a jump of 20 per cent has been seen in the first quarter of this year. It is a reflection of the country’s sound economic fundamentals,” he said.

“We are expecting double digit growth in FY-22 despite the challenge of COVID-19. But, the challenge will be to maintain a healthy growth rate of 7-8 per cent in the years after FY-22. Under the leadership of Prime Minister Narendra Modi, we are preparing for dynamic growth much beyond FY-22.”

Dr. Lalit Bhasin, Summit Chair, IACC said that the current government has given a new direction. Noting that the Indo-US Economic Summit has been a representative bilateral platform for long and has been discussing defense and aerospace almost every year.

"Now, we are at a stage where the involvement has grown multi-fold and is still chasing a heavier agenda," Dr Bhasin said.

Rohit Kochhar Regional Vice President, IACC and Founding Member & Managing Partner Kochhar & Co was of the view that there is huge potential to boost defence ties between the two countries in lines with IT and manufacturing sectors. "I believe, breakthroughs in defense have a ripple effect on sectors," he said at the conference organised by IACC.

Raman Roy, Regional President, IACC & Managing Director, Quatrro Founder Indian Angel Network  Former Chairman, NASSCOM said that Indo-US partnership has been substantially enriched by Indo-US involvement in defense and aerospace.

"I feel it is still an area that is evolving and can be a catalyst for taking our partnership to a different plane. A lot of importance is being assigned by both our countries for building strong strategic relations in the evolving geopolitical architecture," Roy said.