PM: Defence sector can now boast of transparency, trust

Tribune News Service

New Delhi, October 15

Prime Minister Narendra Modi today said there was more transparency, trust and technology-driven approach in India’s defence sector now than ever before and major reforms were taking place for the first time since Independence while stagnant policies were being discarded.

Seven firms are…

1 Munitions India Limited

2 Armoured Vehicles Nigam Limited

3 Advanced Weapons and Equipment India Limited

4 Troop Comforts Limited

5 Yantra India Limited

6 India Optel Limited

7 Gliders India Limited

At an address to dedicate seven new defence companies to the nation, the PM said the goal was to make the country the world’s biggest military power on its own.

The seven companies have been formed after clubbing 41 factories under the Ordnance Factory Board (OFB), in what is seen as one of the biggest reforms in the military equipment sector.

The change is the OFB was a government department under the Ministry of Defence (MoD) while the seven sector-specific companies will be 100 per cent MoD-owned, having autonomy to explore partnerships in India and abroad. Being a government department, the OFB was handicapped in reaching out to newer technologies or functioning with flexibility at the speed at which technology is changing.

The MoD has set a target of achieving a turnover of Rs 1,75,000 crore in aerospace and defence goods and services by 2024. This includes exports worth Rs 35,000 crore. The new companies will take over the existing OFB orders to the tune of Rs 65,000 crore.

The PM also paid tributes to former President and noted scientist Dr APJ Abdul Kalam on his birth anniversary.