Lucknow: In a bid to make India a defence manufacturing destination, Defence Minister Rajnath Singh on Wednesday unveiled 3P strategy that include Policy, Production and Partnership.
Speaking at the inaugural ceremony of 11th edition of Defence Expo here, Mr Singh said, “The sheer magnitude and scale of Defence Expo endeavour is symbolically representative of the vision of Prime Minister Narendra Modi’s government for a New India that aims to emerge as a powerhouse in defence manufacturing. The essence of our initiative can be collectively termed as the 3P strategy. This includes Policy, Production and Partnership.”
The event has touched new heights with the presence of Defence Ministers from 40 countries, more than 165 foreign firms and around 1000 exhibitors.
As part of our efforts to unleash the potential in defence production, we have liberalised Foreign Direct Investment (FDI) cap to 49 per cent through the direct route, and above that upto 100 per cent through the government route, he added.
“We have already commenced the single window clearance for setting up industries. Alongside, we have made improvements in infrastructure development, skilling man power and advancing connectivity,” the minister said.
The defence ministers of India and African nations will hold their conclave on Thursday, which is happening for the first time.
