Addressing an annual meeting of the Confederation of Indian Industry in New Delhi, India’s Finance Minister and interim Minister for Defense, Arun Jaitley, said that the Government of India is in an advanced stage of formulating a new defense manufacturing policy that will enable India to become a manufacturing hub.
With 70 percent of its defense equipment comping from imports, India has a current military spend of $55.9 billion says the Stockholm International Peace Research Institute, and Defense World reports that India has committed to investing $250 billion on weapons and military equipment by 2025.
With the aim of being self-reliant in the defense industry, Jaitley said, “Under our changed policy, we are in the future going to concentrate not merely in buying from the rest of the world, but encouraging global defense majors in collaboration with Indian companies, to set up manufacturing units in India.”
