SOURCE: RAUNAK KUNDE / NEWS BEAT / IDRW.ORG
According to the latest findings from research firm IHS Markit, for the first time in 7 years, Global defence Exports will be on the decline due to increasing domestic production and weakening defence export orders , yet India will remain top Global import opportunities for coming decade with an estimated 22 to 27 Billion dollars of orders.
India reportedly is working on high budgets defence programs like Fifth generation fighter jets with Russia, Next generation Conventional Diesel submarine Projects and development of Aircraft carriers which will require large Import of equipment and weapons.
Current government under its Make in India Initiative is pushing for increasing its domestic weapons and arms Production capabilities and has invited major Global arms manufacturers to tie up with local private and public sector companies to locally developed weapons to meet requirements of Indian armed forces. While the long-term stress is to locally design and produce weapons within the country but the current administration is also keen on developing the ecosystem required to make India a major Defence export country in next few years.
By Inviting global arms manufacturer to India current government is trying to create the ecosystem which could sustain itself in the next phase which could be all about Research and Development of locally produced weapons for Indian armed forces.
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