‘MSMEs Should Take Advantage Of Opportunities In The Defence Sector,’
- Procuring for the Defense industry from other countries has a number of obstacles, and it is critical to be self-sufficient.
- The cost of sourcing from Tamil Nadu increased at HAL in 2021-2022, and it is expected to continue to rise year after year.
MSMEs could take advantage of opportunities arising in the defence sector, where there is an emphasis on indigenization, according to C.B. Ananthakrishnan, Director – Finance and CFO of Hindustan Aeronautics Limited.
Mr. Ananthakrishnan added that more than 3,000 items connected to the Defense sector are listed on the Indian indigenisation portal, which was held here on Friday by INTEC, Texas Ventures, and Coimbatore District Small Industries Association (CODISSIA).
This year, 68 percent of the Defence sector’s entire capital expenditure budget of Rs. 1.5 lakh crore is set aside for indigenization, which will bring orders to both the public and private sectors. There’s also some money set out for design and development. Aside from this, military corridors are being built in Tamil Nadu and Uttar Pradesh.
Procuring for the Defense industry from other countries has a number of obstacles, and it is critical to be self-sufficient.
The cost of sourcing from Tamil Nadu increased at HAL in 2021-2022, and it is expected to continue to rise year after year. HAL is considering raising its indigenization from 50% to 65 percent. CODISSIA Innovation and Atal Incubation Centre have also identified 30 goods for indigenization.
As part of INTEC 2022, which runs until June 6, the seminar Global Manufacturing Cluster Vision 2030 (GMCV) on the theme “Positioning Manufacturers for the Economic Upturn” was hosted here.