The defense sector is one of the sectors, which take time to make money after investing. There is a need for big capital for investing in one time. Till now returns after the investment was not guaranteed in India. But now the government is determined for this investment.
India used to import most of the defense equipment at one time. But now it has come into the role of exporter in the defense sector. Under the self-reliant India campaign, the central government has banned the import of 209 weapons and defense equipment to promote the domestic defense industry. Now they will be bought from indigenous sources only.
Seven companies under the defense sector
The study was being done for the last two decades to bring changes and improvement in the functioning of the Ordnance Factory Board. Now the work will be done to convert 41 Ordnance Factories of the country into seven corporate companies Making Weapons, ammunition, etc. All the seven companies will be fully government and will work as public sector undertakings of the country. Other than weapons, they are responsible for supplying clothing, bulletproof vehicles, and anti-tunnel vehicles to the jawans of all forces.
In fact, these companies related to defense production will get more autonomy from this. It will increase his ability to work. This will make them more competitive. In this way, they will be able to establish themselves as the mainstay of self-reliance given the defense preparedness of the armed forces.
When the military equipment made by them is exported to other countries, then the economic condition of the country will also be strong. Recently the government has approved the export of a total of 156 pieces of defense equipment. It boosts Indian arms export to friendly countries. It is good that now India is fast-moving on the path of self-reliance in the defense sector.