New Delhi : In an attempt to push for ‘Atmanirbhar Bharat’, the Defence Minister Rajnath Singh on August 9 introduced an import embargo on 101 military items beyond the given timeline to boost indigenisation of defence production.
In a series of tweets, Singh said taking a cue from Prime Minister Narendra Modi’s clarion call for self-reliance, the Ministry of Defence has prepared a list of 101 items “for which there would be an embargo on the import beyond the timeline indicated against them”.
This embargo on imports would be progressively implemented between 2020 and 2024. The import restrictions have been levied for Weapon systems like Artillery Guns, Assault Rifles, Corvettes, LCH, Transport Aircrafts, Radars & Sonars, amongst others.
“The manufacturers could be private sector players or defence Public Sector Undertakings (DPSUs). In last 5 years, India has spent Rs3.5 trillion on import of these items and expect the opportunities of Rs4tn in next 5 years,” Umesh Raut, Analyst – Institutional Equities, YES SECURITIES told Aatmnirbharkhabar.com.
Experts are of the view the news is positive for most of the companies in the defence sector, including BEL, Zen Technologies, Solar Industries, L&T, Cochin Shipyard, Centum Electronics, Astra Microwave, Apollo Micro Systems, Hindustan Aeronautics, Bharat Dynamics, and Garden Reach Shipbuilders.
The policy aims to reduce need for imports and push ‘Make in India’ initiative through design and development. It focuses on support to MSMEs, FDI, investment promotion, R&D, export promotion, ease of doing business etc.
