India become world's biggest military power: PM Modi
India's major step in defence sector for corporatising the ordnance factories declare by Prime Minister Narendra Modi said on Friday the objective is to propel that India as the world’s biggest military power on its own self-reliance.
India's ordinance factory divided into the seven companies PM Modi said they will creating more employment opportunities for people in the MSME sector. India has already placed orders worth Rs 65 000 crore for the new firms for manufacturing advanced weapons
ordinance factory
Board (OFB) firms would be converted into 7 government-run corporate entities, announced by Prime Minister Narendra Modi last week. The Prime Minister Narendra Modi said that Indian government will help in making India "india become the world's biggest military power".
PM Modi said that these seven factory will help in creating more employment opportunities for people in the micro, small and medium enterprises (MSME) sector, additional India has already placed a orders worth Rs 65,000 crore for every new firms.
After creating the Ministry of Defence had released a list of more than 100 such tactical equipment which will no longer be imported from other countries. Indian government already placed order worth 65,000 for manufacturing advanced defence equipment.
PM Modi also said that a single-window system has been put in place instead of stagnant policies to develop India as a major producer of defence equipment. He said that India's defence exports have also increased by 300% in the last five years.
"Under the self-reliant India campaign, the country's goal is to make India the world's biggest military power on its own and development of modern military industry in India," PM Modi was quoted as saying by news agency PTI. "In the last seven years, the country has worked to carry forward this resolve with the mantra of 'Make in India'."
list of seven new defence companies
1. Munitions India Limited (MIL)
2. Armoured Vehicles Nigam Limited (AVANI)
3. Advanced Weapons and Equipment India Limited (AWE India)
4. Yantra India Limited (YIL)
5.Troop Comforts limited (TCL)
6. Gliders India Limited (GIL)
7. India Optel limited (IOL )
How these seven firms will help in making India's defence sector 'Atmanirbhar'?
The Centre has said that these seven 100 per cent government-owned companies will help India to improve self-reliance in the defence fields. It said that this move will bring about "enhanced functional autonomy, efficiency and it will unleash new growth potential and innovation".
The Indian Union Defence Ministry has set a target to achieving a turnover of Rs 1.75 lakh crore by 2024 through these seven firms. The Centre has also said that these firms will help in improving "accountability and efficiency" in the defence sector.
"The functioning of the Ordnance Factory Board (OFB) was studied by various high-level committees over the past two decades. Its objective was to promote self-reliance to improve the functioning, and defence preparedness of the Armed Forces by these factories.
Today our country with its full capability and potential to produce advanced defence manufacturing hub in the world"
