India Seeks To Attract Global Firms To Invest In Aerospace

By siliconindia | Wednesday, 18 February 2015, 11:16 Hrs

BANGALORE: Taking up the Narendra Modi government's 'Make in India' campaign avidly, the defence ministry is pulling all stops to ensure global firms invest in the fledgling aerospace industry so it can reduce imports and achieve self-reliance.

"In line with the government's policy to promote greater indigenisation in the defence sector, the thrust of the air show this time is on making requirements for our services within the country and reduce imports overtime," a senior official told IANS.

With 'Make in India' as the theme of the 10th edition of Aero India, the biennial expo will beckon global firms to become partners in developing the aerospace industry than being sellers only for the world's third largest armed forces.

"As 60 percent of our defence requirements are met by imports, the objective is to reverse the trend and become self-sufficient in manufacturing military equipment and become an exporter," defence exhibition organisation director M.D. Singh said ahead of the five-day mega event from Wednesday here.

The defence budget for this fiscal 2014-15 was increased 12.43 percent to 229,000 crore, with 40 percent of it being spent on capital acquisitions.