Indian Economy News

Prime Minister Mr. Narendra Modi calls on global defence majors to make India manufacturing hub

  • IBEF
  • October 31, 2022

After laying the foundation stone for a facility to produce European C-295 military transport aircraft, Prime Minister Mr. Narendra Modi on Sunday urged large global defence corporations to produce military hardware in India for the rest of the globe.

Mr. Modi said in his speech that India is advancing under the slogan "Make in India and Make for the Globe" and that his administration's policies are "stable, predictable, and futuristic," which are fostering general economic growth.

In accordance with an agreement worth Rs. 21,935 crore (US$ 2.66 billion) signed in September of last year, the Tata Group would work with European aerospace giant Airbus to produce 40 C-295 medium transport aircraft at the Vadodara site. The manufacturing plant, according to the Prime Minister, would help India become a centre for the production of transport aircraft.

He noted that India will require more than 2,000 aircraft in the following 15 years due to the country's growing requirement for passenger and cargo jets. In addition to strengthening the armed forces, Vadodara-produced transport aircraft will contribute to the creation of a new ecosystem for the industry.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.