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.

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

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.

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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.