PM Modi dedicates 7 new defence companies to the nation

New Delhi: Prime Minister Narendra Modi yesterday dedicated the seven new Defence Companies to the nation. The companies are, Munitions India Limited, Armoured Vehicles Nigam Limited, Advanced Weapons and Equipment India Limited, Troop Comforts Limited, Yantra India Limited, India Optel Limited, and Gliders India Limited.

Addressing the gathering through video conference, Mr Modi said, 41 Ordinance factories are being converted into seven corporate entities, as a measure to improve India's self-reliance and defence preparedness. He said, the government and public sector have joined hands for 'Rashtra-Surakhsha' that will boost India's economy and encourage to reach new heights.

Mr Modi said, India's defence sector was lacking innovation after achieving independence. He said, these seven new companies will push the government's efforts towards progress and self-reliance in the defence sector. Prime Minister said, an order book of more than 65 thousand crore rupees reflect the increasing confidence of the country in these companies.

Prime Minister said, for the first time after independence, so many major reforms are happening in the defense sector. He said, under the Aatmanirbhar Bharat campaign, the country aims to make India the world's largest military power on its own, and the development of modern military industry in



India.

Mr Modi mentioned that it is our target that Indian companies not only establish expertise in their products but also become a global brand. He urged that while competitive cost is our strength, quality and reliability should be the identity.

Prime Minister urged the start-ups to become a part of this new journey through these companies to leverage the research and expertise of each other. He mentioned that the Government has given these new companies not only a better production environment but also complete functional autonomy. He reiterated that the Government has also ensured that the interests of the employees are fully protected.

Speaking on the occasion, Defence Minister Rajnath Singh said, defense manufacturing is crucial in meeting the country's goal of self-reliance. He said, in recent years the country defense industry is not only moving towards self-reliance, but also in defense exports, it has scaled new heights which were impossible till now.

Mr Singh said, since 2014 the government has brought many reforms in defence to create a conducive ecosystem for export, FDI and to provide stimulus to demand for indigenous product. He said, ordnance factories have a glorious history of more than 200 years and their contribution to National security has been immense.