Published 18:35 IST, May 16th 2020
Rajnath Singh hails reforms announced in fourth tranche of Stimulus 2.0 as 'Game Changer'
Union Defence Minister Rajnath Singh has appreciated reforms announced by the Centre for the Defence Sector in the fourth tranche of the 'Aatmanirbhar Package'
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Union Defence Minister Rajnath Singh has appreciated the reforms announced by the Centre for the defence sector in the fourth tranche of the 'Aatmanirbhar Package' announced. The Defence Minister stated that the announcements made on Saturday will go a long way in 'unshackling the economy' in many ways. Taking to Twitter, he also stated that corporatisation of Ordnance Factory Boards (OFB) has been the topmost priority of the Modi-led government.
Moreover, the Defence Minister added that corporatisation will improve the efficiency of ordnance supplies and factories. Singh also hailed the increase in Foreign Direct Investment (FDI) limit from present 49% to 74% and remarked that it would unleash the true potential of Indian defence production capabilities through 'Make in India'. "The announcements made today will prove to be a game changer," the Defence Minister tweeted.
Furthermore, Rajnath Singh also hailed the reforms announced across the Civil Aviation, Coal and space exploration sectors.
Today’s announcements made by PM Shri @narendramodi led Govt. will go a long way in unshackling the economy in many ways. Corporatisation of the OFB has been the topmost priority of the Govt. The corporatisation will improve the efficiency of our Ordnance supplies & factories.
— Rajnath Singh (@rajnathsingh) May 16, 2020
The FDI limit in the defence manufacturing under automatic route has now been raised from 49% to 74%. This decision will unleash the true potential of Indian defence production capabilities through ‘Make in India’. The announcements made today will prove to be a Game Changer.
— Rajnath Singh (@rajnathsingh) May 16, 2020
PM Shri @narendramodi has also opened up new avenues in sectors like Civil Aviation, Coal and Space exploration to private participation.
— Rajnath Singh (@rajnathsingh) May 16, 2020
I thank the Prime Minister for pushing these critical reforms and pave way for strengthening the foundation of a new #AtmaNirbharBharat.
Make in India push in Defence Sector
Addressing a press briefing on the fourth phase of the 'Aatmanirbhar Bharat' package on Saturday, Finance Minister Nirmala Sitharaman announced a series of key measures to give a push to 'Make in India' in the Defence sector. The Finance Minister announced that there will be a list of notified weaponry/platforms which will be banned from import enhancing Indian platforms for production and manufacture. The notified list will be revised yearly. Sitharaman also announced a separate budget for domestic capital procurement which will, in turn, reduce the bill of Defence import.
Sitharaman also announced that there will be indigenisation of imported spares in the country. In order to improve autonomy, accountability and efficiency in ordnance supplies, there will be Corporatisation of ordnance factory boards, Sitharaman added. The Finance Minister also placed a clear distinction between corporatisation and privatization, as she emphasised that corporatisation will result in better management and production. The ordnance factories will also be listed on the stock market and ordinary citizens can buy shares.
18:34 IST, May 16th 2020