Defence Minister Nirmala Sitharaman on Monday urged the private players to invest in the defence sector as the field has huge potential.
Speaking at the 'International Conference on Military Ammunition: Make in India -- Opportunities and Challenges', Sitharaman said, "I encourage the private sector to come in the Defence sector because of the agility they have shown. They have identified the opportunity that exists in this area."
"We prefer the Indian Designed & Developed Manufactured (IDDM) as the first priority. We have not excluded licenced manufacturing. There is going to be no restriction on any kind of manufacturing," the minister added.
She also said at present there are 37 defence licenced companies to manufacture arms and ammunition and the figure might rise in future. She stated that the defence sector needed to be self-reliant to the extent possible. In last four years, the country has attracted Rs 1.17 crore as FDI in the defence production sector under the ‘Make in India’ initiative. (UNI)