Industry welcomes Defence Ministry’s move to stop import of 101 defence items in phased manner

PTI

Defence Minister Rajnath Singh

Defence Minister Rajnath Singh

Indian industry has welcomed the defence ministry’s move to stop the import of 101 defence items in a phased manner. Defence Minister Rajnath Singh yesterday announced to put 101 items on import embargo to boost indigenisation of defence production.

Confederation of Indian Industry (CII) director general Chandrajit Bannerjee welcomed the curbs and the announcement that 52,000 crore rupees will be earmarked for procurement from domestic manufacturers. He said defence minister’s announcement for negative import list of defence systems and platforms marks the launch of a ‘new glide path’ for AtmaNirbhar Bharat.

FICCI has described it a great leap forward for Atmanirbhar Bharat program in defence production. FICCI’s defence committee head SP Shukla said earmarking of 52,000 crore rupees for domestic capital procurement fulfils a request by the industry chamber to provide long-term visibility on defence procurement plans. Chairman and managing director of Bharat Forge Baba Kalyani said the announcement is a strategic step that will propel the Atmanirbhar Bharat narrative and bolster Indian defence equipment manufacturing industry.

He said the growth of the domestic industry especially the MSME sector, will lead to self-reliance, reduced expenditure on imports, saving of foreign currency, creating job opportunities, the revival of consumption and ultimately getting us closer to the common goal of 5 trillion economies.

PTI