Defence Minister Rajnath Singh has urged US defence companies to invest in India, asserting that the country is a strong and reliable investment destination in terms of co-production and co-development.
He said that US companies should focus on the transfer of technology through joint ventures and be part of India’s Make in India initiative aimed at self-reliance.
The defence minister was delivering the inaugural address at the 18th India-US Economic Summit on the theme ‘Bouncing Back Resilient Recovery Path Post Covid-19’, organised by the Indo-American Chamber of Commerce through video conferencing on Wednesday.
READ: Boost to IAF’s air defence with new missile system for aerial threats
Terming the defence sector as an integral part of not just the security but overall growth of the country, Rajnath Singh said India is now home to a stable and secure government which focuses on economic growth through a series of reforms.
“Robust domestic demand and availability of a talented young work force and innovation make India a major investment destination,” he said.
According to an official statement, the defence minister called upon the industry leaders to focus on the transfer of technology through joint ventures to realise the country’s true potential in the defence sector.