Defence Minister Nirmala Sitharaman addresses a curtain raiser press conference on the sidelines of Aero India 2019, in Bengaluru, Tuesday, Feb 19, 2019. (PTI Photo)Defence minister Nirmala Sitharaman Wednesday invited investors to capitalise on the ecosystem in aero space and other sectors in India which offered a big market for Defence manufacturing.
In her inaugural remarks at the Aero India 2019, the 12th edition of Asia's premier air show at the Yelahanka air base here, Sitharaman made a strong pitch for ‘Make in India” and referred to a slew of initiatives taken by the government, including permitting 100 per cent Foreign Direct Investment (FDI) in Defence manufacturing.
Explaining the possibilities in the aero space and defence sectors, she said the Original Equipment Manufacturers (OEM)s could find joint venture partners so that the production could be scaled up and they could have a captive market and could export from India.
She also noted that during the last four years and the current financial year, 150 contracts worth about Rs 1,27,500 crores have been signed with the Indian vendors for procurement of defence equipment for the armed forces.
The five-day mega event began on a sombre note, a day after two aircraft of Surya Kiran, Indian Air Force (IAF)'s aerobatics team, collided mid air, killing a pilot and injuring two others who ejected to safety.
The biennial event, which would showcase India's air defence…
