ST PETERSBURG (RUSSIA): Prime Minister Narendra Modi today invited Russian companies to partner Indian firms in setting up manufacturing facilities to make high-tech defence equipment in India.
Addressing CEOs of the two countries after the annual bilateral summit here, Modi said India had last month approved a policy to allow local private companies to work with foreign players to manufacture defence equipment in a bid to cut reliance on imports.
“India is sixth biggest manufacturer in the world and we want to raise the share of manufacturing in GDP from 16 per cent to 25 per cent,” he said.
The Government, he said, has approved a strategic partnership in defence between Indian and foreign companies.
“I invite Russian companies to join Indian companies in setting up manufacturing base taking advantage of the new policy,” he said. (AGENCIES)
Follow our WhatsApp channel
