Following the recent India-US 2+2 dialogues in Washington, Defence Minister Rajnath Singh on Thursday urged US companies to capitalize on government policy initiatives and engage in joint research, development, manufacturing, and maintenance of defense equipment. This move is aligned with the vision of ‘Make in India, Make for the World’.
Singh highlighted the increasing collaboration between US companies and Indian industries to support the ‘Make in India, Make for the World’ initiative. He emphasized the need for more US investments in India and encouraged the establishment of manufacturing facilities in the country. The Industrial Security Agreement should be leveraged to enhance collaboration and indigenization of defense technology.
In light of India’s efforts to diversify its defense procurement sources amid the Russian invasion of Ukraine, Singh discussed various government initiatives to promote partnerships between major Original Equipment Manufacturers (OEMs) and Indian companies. These include raising the FDI limit, improving the ease of doing business, fostering innovation through the iDEX platform, and promoting defense manufacturing and exports.
Singh noted the significant contribution of US companies to FDI, employment, and defense exports in India. He stressed the importance of joint research and industrial collaboration between US and Indian entities to support ‘Aatmanirbhar Bharat’ and strengthen the US-India relationship. The recently held India-US 2+2 Ministerial Dialogue was described as positive and fruitful, highlighting the strong defense ties between the two countries.
The Defense Minister emphasized the transition from a buyer-seller relationship to that of partner nations and business collaborators. He underscored the strategic convergence between India and the US in upholding democratic values, promoting a rules-based international order, and supporting a free, open, inclusive Indo-Pacific and Indian Ocean Region. The India-US Comprehensive Global Strategic Partnership was hailed as crucial for international peace and prosperity.
Singh stressed the need to bolster the commercial and economic aspect of the India-US partnership to drive economic growth and mutual prosperity. He highlighted the rebound in bilateral trade, surpassing $113 billion in goods, and the progress towards India’s ‘Aatmanirbharta’ vision. The importance of cooperation in Critical and Emerging Technologies was emphasized, urging private industry to collaborate on research projects and technology development.
AMCHAM-India, comprising American business organizations in India, aims to promote investment by US companies in India and enhance bilateral trade. Founded in 1992, AMCHAM has over 400 US company members and plays a key role in facilitating economic relations between the two countries.
