Top military contractors from countries across the world have firmed up plans to tap new business opportunities under the Modi government’s Make in India initiative at the Aero India-2017, Asia’s biggest air show that opens in the outskirts of Bengaluru on Tuesday.
The five-day event will see firms from Russia, Europe, Israel and the United States – among others – hardselling their latest armament technologies to India in the hope of partnering with indigenous companies for setting up manufacturing bases that would cater to the military’s future requirements.
The Make in India plan seeks to cut the country’s dependence on imported weapons and position the country as a hub of defence manufacturing.
India signed 51 contracts valued at Rs 1.16 lakh crore with foreign vendors for buying weapons and equipment, compared to 90 deals worth Rs 83,344 crore inked with Indian suppliers, in the last three years. Read More…