Defence Minister Rajnath Singh Highlights India’s Defence Growth at USISP Forum
Washington DC [US], August 24: Defence Minister Rajnath Singh spoke about India’s progressive reforms in the defence sector during an interaction with senior leaders of US defence companies. He mentioned that foreign original equipment manufacturers (OEMs) are setting up manufacturing units in India, forming joint ventures, and using India as an export base.
During the US-India Strategic Partnership Forum, Singh outlined co-development and co-production opportunities in India’s defence sector. He noted that the planned co-production of GE 414 aero-engines in India is a significant milestone in India-US relations. Singh emphasized that ‘Partnership’ and ‘Joint Efforts’ are key to India’s defence industry collaborations.
The event was attended by senior leaders from major US defence and technology companies like Boeing, GE, General Atomics, General Dynamics Land Systems, L3 Harris, Lockheed Martin, Raytheon Technologies, Rolls Royce, and ThayerMahan. Indian companies such as ideaForge, Tata Sons, and Tsecond, along with senior leaders from The Cohen Group, also participated.
Business leaders shared their ongoing projects and future plans for India, providing valuable feedback. The Indian government is working towards achieving self-reliance in the defence sector through various initiatives. The Ministry of Defence reported the highest-ever growth in indigenous defence production in FY 2023-24, with a value of Rs 1,26,887 crore, a 16.7% increase from the previous year. Defence exports also reached a record-high of Rs 21,083 crore, a 32.5% growth over the last fiscal year.
Doubts Revealed
Defence Minister -: The Defence Minister is a person in the government who is responsible for the country’s military and defence matters. In India, this person is Rajnath Singh.
USISP Forum -: USISP Forum stands for the US-India Strategic Partnership Forum. It is a group that helps India and the USA work together on important issues like business and defence.
foreign OEMs -: OEMs stands for Original Equipment Manufacturers. These are companies that make parts or equipment that are used in other companies’ products. Foreign OEMs are companies from other countries.
co-development -: Co-development means working together to create something new. In this case, it means India and other countries are working together to develop new defence technologies.
GE 414 aero-engines -: GE 414 aero-engines are powerful engines used in fighter jets. They are made by a company called General Electric (GE).
FY 2023-24 -: FY stands for Fiscal Year, which is a one-year period used for budgeting and financial purposes. FY 2023-24 means the financial year that starts in 2023 and ends in 2024.