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Antony asks industry to give up miserly attitude

Posted on Jan 31, 07:49PM | IBNS

New Delhi, Jan 31 : Defence Minister AK Antony on Thursday called upon the Indian Industry belonging to both public and private sectors to forsake their "miserly attitude" towards spending on Research and Development (R and D).

Inaugurating an International Seminar cum Exhibition on Naval Armament titled 'NAVARMS-2013' here on Thursday, Antony said the government has been keen to encourage the industry to realign its business processes for strategic alliances and joint ventures.

He said the government is also encouraging the industry to step up the R and D efforts to remain globally competitive specially in critical technology areas.

Antony said the Indian industry is at the threshold of becoming a global player in the field of information and communication technology, engineering and manufacturing.

The introduction of Buy and Make (Indian category) is a significant step that has been design to enhance indigenization with the opening up of the defence sector in India to 100pc Indian private sector in participation with foreign direct investment permissible up to 26pc , he said.

Antony hoped that the industry will gradually assume the role of system integrator and manufacturer of complete defence equipment and systems.

"This provides a major shift in the role of private sector in India," he said.

Antony said the ministry is in the process of revising the Defence Procurement Procedure (DPP) and the revised DPP will be operational from the next financial year.

Describing offsets as an integrated part of our policy to promote indigenization, he said, the policy has enabled greater participation of the defence industry in the country.