• India approves new defence policy to boost local companies

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    NEW DELHI: India’s cabinet on Wednesday approved a long-awaited policy to boost local manufacturing of high-tech defense equipment and cut down reliance on expensive imports. Under the new Strategic Partnership model, the government will pick Indian companies to tie up with foreign organisations to manufacture fighter jets, armored vehicles, helicopters and submarines locally. Prime Minister Narendra Modi’s government has raised the limit on foreign investment in the defence sector and encouraged tie-ups between foreign and local companies under the “Make in India” manufacturing campaign. “The new policy will give a substantial boost to domestic manufacturing and service provision, thereby creating employment,” a government statement said. “Preference in government procurement will be given to local suppliers,” the statement added.

    AFP

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