India - US should become partners in defence manufacturing : Rajnath Singh

New Delhi, Apr 22: Defence Minister Rajnath Singh has exhorted US companies to take advantage of the policy initiatives taken by Prime Minister Narendra Modi. He has invited US companies to carry out joint R&D, while he was addressing the members of American Chamber of Commerce in India (AMCHAM India) through video conferencing during its 30th Annual General Meeting on Apr 21.

  

 

 

 

Defence Minister Rajnath Singh invited US companies to carry out joint R&D, manufacturing and maintenance of defence equipment to achieve the vision of ‘Make in India, Make for the World’. He invited the US companies for co-production, co-development, investment promotion and development of Maintenance Repair and Overhaul facilities in India.

 

 

AMCHAM-India is an association of American business organisations operating in India. Established in 1992, AMCHAM has over 400 US companies as members. The principal objectives include promotion of activities that would encourage and stimulate investment by US companies in India and increasing bilateral trade.

 

 

 

 

 

The Minister said in his address, “Of late, some US companies have expanded their local presence in partnership with Indian industry to achieve our aim of ‘Make in India, Make for the World’. We believe this is just a beginning. With increasing business, we aspire for increased investments by US companies in India. Making full use of the Industrial Security Agreement, we need to facilitate collaboration and indigenization of defence technology and boost the participation of US and Indian companies in each other’s defence supply chains. American companies are welcome to establish manufacturing facilities in India.”

 

Defence Minister Rajnath Singh pointed out that US companies have not only been a source of FDI and employment in India, but are also contributing to India’s defence exports, totalling around USD 2.5 billion to US in last five years, which is 35 per cent of total exports achieved during the period. He said, the participation of US entities in joint R&D and industrial collaboration with Indian public and private sectors will be important for the success of ‘Atmanirbhar Bharat’ and further strengthening the US-India relationship.