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Schemes like the iDEX (innovation for defence excellence) have provided momentum to defence startups, says Prime Minister Narendra Modi.
PM Narendra Modi speaks at the inauguration of the Tata Aircraft Complex in Vadodara, Gujarat.
Prime Minister Narendra Modi said on Monday that the Centre has made many decisions in the past decade that have led to the development of a vibrant defence industry in India. He said the private sector participation in the country’s defence manufacturing has increased, and nearly 1,000 new startups have been formed in the past 5-6 years.
“We have increased private sector participation in the defence manufacturing. The public sector has been made more efficient. Ordinance factories have been formed into seven big companies. DRDA and HAL have been empowered. In UP and Tamil Nadu, two big defence corridors have been set up,” the prime minister said.
He was speaking at the inauguration of the Tata Aircraft Complex in Vadodara, Gujarat.
“Schemes like the iDEX (innovation for defence excellence) have provided momentum to defence startups. In the past 5-6 years, in India, around 1,000 new defence startups have been formed,” he said.
PM Modi added that India’s defence exports in the past 10 years have increased 30 times.
“Today, we are exporting defence equipment to over 100 countries,” the prime minister said.
The government is hugely focussing on skill development and jobs creation.
“As a result of this project, there will be an indigenious manufacturing of over 18,000 aircraft parts in the country. In one region of the country, some part will be manufactured, while in other regions, other parts. Micro and small industries will lead this,” PM Modi said at the inauguration of the Tata Aircraft Complex.
Following the PM Modi’s speech, defence stocks were trading in green, with Paras Defence rising as much as 4.05 per cent on the BSE. Hindustan Aeronautics was up by 0.21 per cent, Data Patterns was trading higher by 1.17 per cent, and Bharat Dynamics rose 0.7 per cent.
