New defence procurement policy in offing: Arun Jaitley

New Delhi: Defence Minister Arun Jaitley on Wednesday said the government would soon roll out new strategic partnership policy and rope in private players to jointly manufacture defence equipments under the `Make in India` initiative.

"The government will swiftly roll out the new strategic partnership policy, under which selected Indian private sector companies will partner with global armament companies to jointly manufacture fighter jets, helicopters, submarines and armoured vehicles like tanks under the `Make in India` framework," Jaitely said.

He was addressing media after the Cabinet meeting.The Minister said the government would implement it as fast as possible and the model will coexist with the Defence Public Sector Units (DPSUs).

"Under the policy, the capacity of Defence PSUs will also be taken into account, how much work they can do, and capacity building in private sector in the field of defence in the country should begin now," he asserted.

He added that the assurance that the government will be the buyer is needed for capacity building of private sector."Under the policy, one company will be selected as the `strategic partnership` at a time in each of the four segments in `a transparent and competitive process`.

 The defence ministry will select the companies on the basis of adequate financial strength, demonstrable manufacturing and technical expertise, existing infrastructure and the ability to absorb technology from their foreign partners," Jaitley said.

He added that four sectors have been finalised for the model at present, fighter aircraft, helicopters, submarines and armoured fighting vehicles and main battle tanks.