Categories: Business

FICCI applauds the announcement of 101 Defence items for embargo on imports

New Delhi: Echoing the sentiments of the Indian Defence Industry, Dr Sangita Reddy, President, FICCI today welcomed the announcement of the list of 101 items embargoed for imports in Defence starting December 2020. “The announced policy measures will provide much needed impetus to make India ‘AtmaNirbhar’ in defence technology and products. The industry is looking forward to more items being added progressively to this list so as to deepen the process of indigenisation by leveraging the capabilities of Indian industry,” said Dr Reddy.

The decision to introduce an import embargo on at least 101 items signals the Government’s resolve to push forward the VocalforLocal campaign. Manufacture and production of high technology weapon systems like artillery guns, assault rifles, corvettes, sonar systems, transport aircraft, LCHs, radars etc. in India will have cascading benefits to upstream industries, especially the MSMEs. While liberalisation of the sector has allowed several MSMEs to enter the market, the lack of demand from the Indian Government, the sole customer for the Indian industry, has meant the sector is yet to realise its full potential.

Dr Reddy added, “The current announcements will spur industry recovery and lead to spin off benefits such as increased research and development, employment generation, corridor development, etc., which will go a long way in strengthening the Defence Industrial base of the country.”

Mr SP Shukla, Chair, FICCI Defence Committee and Group President, Aerospace & Defence and Member – Group Executive Board of the Mahindra Group said, “The announcement to earmark Rs 52,000 crore for domestic capital procurement fulfils a longstanding recommendation made by the FICCI Defence Committee to provide long-term visibility on defence procurement plans. Industry can now plan its capex and production capacity.”

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