India endorses hundreds of defense objects to be sourced regionally
Date
7/22/2024 8:07:40 AM
(MENAFN) The Indian Defense Ministry has unveiled a new list of 346 defense items to be sourced from local vendors, part of an ongoing effort to boost domestic manufacturing and cut down on imports. This move, aimed at promoting self-reliance, has an estimated "import substitution value" of around USD125 million, as stated by the ministry on Tuesday. The list includes various components, spare parts, and raw materials. State-owned defense companies will oversee these contracts, with potential participation from medium and small enterprises. The ministry emphasized that this initiative will stimulate economic growth, increase defense investments, and reduce reliance on imports.
This is the fifth list of products earmarked for local procurement under the government's 'Atmanirbharta' (self-reliance) initiative. The previous four lists encompassed over 4,600 items, nearly 3,000 of which have already been indigenized. Additionally, the Department of Military Affairs has separately identified a list of 500 items, including complex systems, sensors, weapons, and ammunition, for local production.
By June 2024, the Defense Ministry had approved the indigenization of over 36,000 items, with about a third already indigenized. This effort has enabled Indian defense manufacturers to place orders worth over 75 billion rupees (USD900 million) with domestic vendors, marking significant progress towards reducing import dependence and bolstering the country's defense capabilities.
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