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Business News » India News

Indian cabinet clears policy for strategic partnerships in defence: Arun Jaitley

Defence minister Arun Jaitley has announced on Wednesday that the Indian Cabinet has cleared long-awaited policy to boost local defence manufacturing by effectively picking industry champions that would tie up with foreign players and make high-tech defence equipment.

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Indian cabinet clears policy for strategic partnerships in defence: Arun Jaitley
Indian Finance Minister Arun Jaitley addresses a delegation while speaking on the Goods and Services Tax (GST) issues during the Vibrant Gujarat investor summit in Gandhinagar. Image Source: Reuters
Written By: Reuters
Updated: Wed, May 24, 2017
07:26 pm
New Delhi , Reuters
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India on Wednesday cleared a long-awaited policy to boost local defence manufacturing by effectively picking industry champions that would tie up with foreign players and make high-tech defence equipment, Defence Minister Arun Jaitley said.

ALSO READ: India announces policy for strategic partnerships in defence; to allow local private cos to work with foreign players

Under the "Strategic Partnership" model, the government will shortlist and then pick Indian companies to join forces with foreign firms to supply fighter jets, helicopters, armoured vehicles and submarines. 

The policy, which has been under discussion for more than year, was approved by the Cabinet Committee of Security, Jaitley told reporters. 

"For each platform, one private sector strategic partner will be chosen," he said.

 ALSO READ: Govt presents plan for private companies for aid in defence industry

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TAGS:
strategic partnerships in defenceEconomyArun JaitleyIndian CabinetCabinet Committee of SecurityDefence Policy
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