In a strong push for indigenous research and development in defence manufacturing, Prime Minister Narendra Modi said innovative and unique products that have the capability to surprise the adversary can only be developed through domestic efforts. He said a significant portion of the budget has been reserved for such efforts and this is the blueprint to achieving self-reliance.
In a step appreciated by the industry, Defence Minister Rajnath Singh announced that the government would grant up to Rs 10 crore each for research and development projects by startups and the private sector to develop cutting edge technology required by the forces.
Speaking to industry leaders and officials at a virtual seminar on Friday, the PM said India has been a large weapons importer in the past and this has resulted in corruption allegations and delays in acquisition that have harmed the forces.
“Uniqueness and surprise elements can only happen when the equipment is developed in your own country,” Modi said, adding that in this year’s budget, almost 70% of the capital procurement allocation has been reserved for the domestic industry. He emphasised that India is moving towards becoming a weapons exporting nation.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.