Defence industry should speed up investment in R&D: Antony
New Delhi: Observing that investments by both private and public sector firms in research and development were "not enough", Defence Minister AK Antony on Thursday asked the military industry to abandon its "miserly attitude" in this regard.
"By looking at our aim of faster indigenisation, I feel you have to invest more in R&D. Except few sectors, even now, budget for R&D in private sector and public sector, is not enough. You have to abandon this miserly attitude and invest more," he said while addressing a Navy seminar.
In the past also, the Defence Minister had urged the Indian defence industry to spend more in R&D to speed up the modernisation process.
He said Government has been keen to encourage the industry to realign its business processes for strategic alliances and joint ventures.
Antony said the Defence Ministry was coming up with the revised Defence Procurement Procedure (DPP) which will come into effect from April 1 this year.
Describing offsets as an integrated part of the DPP to promote indigenization, he said, the policy has enabled greater participation of the defence industry in the country.
Under the offsets policy, foreign vendors bagging deals worth over Rs 300 crore have to invest back at least 30 percent of the worth of the contract back into the Indian defence, civil aerospace and homeland security sectors.
Navy chief Admiral DK Joshi also stressed on the need for the local industry to increase indigenisation in the critical defence technology sector.
More from India
More from World
More from Sports
More from Entertaiment
- Indian- Americans launch online petition to declare Pakistan 'sponsor of terrorism'
- Panel discussion over PM Modi's willingness to engage in direct dialogue with Pak
- EU warns Pakistan of political and economic sanctions over atrocities in Baloch
- Should Pakistani artists be restricted from working in India?
- PM Modi slams Pakistan govt during his speech in Kozhikode
- SHOCKING VIDEO: This man was trying to take selfie with python - You won't believe what happened next!
- Call up this number and get Reliance Jio's SIM for sure
- WATCH: Ravichandran Ashwin's magic ball that bamboozled Kane Williamson on Day 3
- If you have guts, send your suicide bombers to Pakistan: Samajwadi Party to MNS' Raj Thackeray
- Govt calls meet on Indus Water Treaty; Water Resources Ministry, MEA to brief PM Modi