Talking about the recent push from the Government to bring in the private players in this sector, Tribhuvan Darbari, MD & CEO Texmaco Defence Systems, said that India’s output of crude oil, which is refined to produce petrol and diesel, continued to decline in November, with lower output from state-owned firms leading to a more than 2% drop. Tribhuvan Darbari further added that oil and natural gas sector plays a crucial role in Indian economy and the oil sector requires special attention to be able to adequately contribute to the Hon'ble Prime Minister Narendra Modi's clarion call of 'Atmanirbhar Bharat.
Defence Minister Rajnath Singh has said that the government is further working to expand the Positive Indigenization List of 208 items to 1,000 items. He was speaking at the FICCI’s Annual Convention & 94th AGM on the theme ‘India Beyond 75’ held on Saturday, December 18. “In this decade, we will bring increase the items under the Positive list for Indigenization from current 209 to over 1000. The government now looks at the private industry as their partners and in fulfilling the objective of attaining Atmanirbhar Raksha Utpadan,” Singh said. He emphasized that with the current reforms undertaken by the government, the Indian defence and aerospace sector is likely to reach Rs 5 lakh crore by the year 2047 from the current 85,000 crore.
Indonesia has sought defence technology from India to bolster its security apparatus amid Chinese expansionist tendencies in the region. Southeast Asia's biggest nation is exploring joint defence production with India, and is considering the possibility of jointly producing military vehicles and water cannons.
With collaborative efforts of entities from all over the world, the defence exports have grown by 334% in the last five years and India now is exporting to more than 75 countries, Defence Minister Rajnath Singh said on Monday appreciating the efforts of the industry and thanking the foreign aerospace and defence companies for investing in the sector.