New reform in defense policy is giving a leg-up to greater military products manufacture in the country. Aiming to join the ranks of self-reliance like the matured superpowers like the U.S. and Germany, India is focusing on increasing its foreign sales. With the commerce ministry’s urge to enhance the nation’s military presence in the global market and explore newer peddles like Latin America and Africa, has impeded manufacturing industries formalize a fresh strategy to capitalize on international sales.
According to latest reports, the Government of India has drawn 1.5 billion dollars for private defense sectors and sell pertained products to friendly countries at a loan scheme offered by India. Rendered in a MOD document, the government has set up a specially articulated body to manage and render advisory services to conduct target marketing and ‘sales pitch’ that is essential for pushing awareness among rest of the world. A cathartic strategy to finance the exports with MEA, EXIM Bank, DPSUs, and financial institutions is sheltering the entire process.
“The new policy looks to link new investment avenues for the discharge of offset obligations and will enhance the role of MSMEs in the defense sector,” said a Ministry official. Outlining such transformative steps is ultimately leveraging opportunities as a goodwill for India to change its international trades for a better tomorrow.