India Encouraging Global Defence Companies To Set Up Units

Posted By:
Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    India is formulating policy to help major global defence companies set up manufacturing units in the country in collaboration with Indian firms, Finance Minister Arun Jaitley said.

    "Under our changed policy, we are in the future going to concentrate not merely in buying from the rest of the world, but encouraging global defence majors in collaboration with Indian companies to set up manufacturing units in India,” Jaitley said at a reception hosted by India's Ambassador to the US Navtej Sarna.

    India Encouraging Global Defence Companies To Set Up Units

    Jaitley, who holds the additional charge of the Defence Ministry, said the Union Government had made the initial policy changes while some more are being planned. "Hopefully in the years to come, the impact of this change as far as defence manufacturing policy is concerned would be visible in India. It is receiving a good response from major manufacturers,” Jaitley said without giving any details.

    Jaitley was given the additional charge of the Defence Ministry apart from the Ministry of Corporate Affairs after his predecessor Manohar Parrikar was made the Chief Minister of Goa. Using cricket lingo, he described himself as the "night watchman" for these two ministries. "One of my principal responsibilities is to look after the finances of the government. There are some additional responsibilities that keep coming,” he said.

    "In the US you do not have much of cricket. In India, it is our favourite game. In the game of cricket, we call it night watchman,” he said, referring to his dual role. "The Prime Minister has asked me to fill in that role in some other departments. But my principal requirement is in finance,” Jaitley said. 

    Read more about: arun jaitley
    Story first published: Saturday, April 22, 2017, 15:18 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more