Transparent Defence policies to promote private sector participation: Antony

May 27th, 2008 - 7:30 pm ICT by admin  

Berlin, May 27 (ANI): India has said that it has transparent” procurement policies to foster joint development and production activities with domestic and international companies.
This will facilitate an active role for the private sector in its multi-billion dollar defence industry.
“The Indian defence industry, which has been largely in the state sector, has developed broad-based capabilities. We have recently put in place policies and initiatives to encourage private sector participation,” said Defence Minister Antony on Monday night on the eve of the inauguration of Berlin Air Show.
He is in Germany to attend the prestigious Air Show, where India is a partner for the first time in the 99-year-old history of the event.
Currently, the defence sector in India is open up to 100 per cent for Indian private sector participation, while foreign direct investment is allowed up to 26 per cent.
The procurement policies were streamlined and “transparent procurement policies have been put in place including the requirement of an offset of 30 per cent for certain contracts,” Antony said.
“These policies are designed not only to further develop our capabilities in production of land, air and naval defence equipment, but also to encourage co-development and co-production with international manufacturers,” Antony said in presence of his German counterpart Franz Josef Jung and Indian Air Force Chief (IAF) chief F H Major.
The, Minister spoke about the “enormous potential” in the defence sector as India “seeks to encourage active indigenization in defence production as well as greater investment in research and development.”
Antony went to the historic Berlin War Cemetery and paid tribute to the Indian soldiers who had lost their lives during the Second World War.(ANI)

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |